Jun 7, 2021 - Economy & Business

Scoop: VC firms file confidentially for biotech SPAC

Illustration of a saline bag solution with money as the liquid in the bag.
Illustration: Aïda Amer/Axios

Three investment firms with deep health care investing experience are forming a new SPAC that will seek to buy a diagnostics company and take it public, Axios has learned.

Between the lines: New SPAC formation has slowed, due to a glut of offerings and new SEC scrutiny, but plenty of veteran investors are continuing to jump into the arena.

Details: Venture capital firms ARCH Venture Partners and Section 32 are teaming with Deerfield Management, which invests in both public and private companies.

  • The SPAC already has filed confidentially for its IPO with the SEC. A publicly-available prospectus is expected within the next month or so.
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