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SPAC Innovatus Life Sciences Acquisition withdraws $175 million IPO

July 20, 2022

Innovatus Life Sciences Acquisition, a blank check company formed by Innovatus Capital targeting the life sciences sector, withdrew its plans for an initial public offering on Wednesday. It had filed in April 2021 to raise $175 million by offering 17.5 million shares at $10. The company did not plan to offer units with warrants attached.

Innovatus Life Sciences Acquisition was set to be led by CEO and Chairman David Schiff, a Partner at Innovatus Capital Partners and a former Partner at Perella Weinberg Partners. The SPAC had planned to focus on industries that complemented its management team’s background and ability to identify promising opportunities in the life sciences sector.

The New York, NY-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol ILAC. UBS Investment Bank was set to be the sole bookrunner on the deal.