Valar Doeharis: Arya Sciences Acquisition Corp. Files for $125M SPAC
by Kristi Marvin on 2018-09-12 at 0:26am

 

Winter is Coming and so is Arya Sciences Acquisition Corp.

Arya Sciences Acquisition Corp. filed for a $125 million SPAC IPO today, with a focus on the healthcare, and more specifically, the life sciences and medical technology sectors.  Additionally, Perceptive Advisors,  one of the most well known life sciences hedge funds, is acting as sponsor.

Arya Sciences is being led by Joseph Edelman, the founder of Perceptive Advisors, as Chairman, and Adam Stone, who is the Chief Investment Officer of Perceptive, as CEO and Director.  If you’re going to be looking in the healthcare space, it’s hard to argue with wanting Perceptive involved.  Perceptive has over $5 billion in assets under management focused exclusively on the healthcare industry so clearly they have some understanding of the sector.

Additionally, Perceptive Advisors will be sponsoring this SPAC via it’s affiliate – Arya Sciences Holdings, and has indicated an interest in purchasing up to $25 million of shares at business combination.  However, an “indication of interest” is sort of like the Coke Zero of backstops.  Tastes like Coke, but without any of the “sugar”.  I.e.,  they say they’re interested, but it doesn’t hold a lot of weight.

A summary of terms has been provided below, but you can review the the profile page with management bios here.

Arya Sciences Summary of Terms:
  • Focus:  Healthcare – Life Sciences/Med Tech
  • Size: $125 million
  • 100.0% held in trust ($10.00 per share)
  • $10.00 unit comprised of one share of Common Stock + 1/2 of a full Warrant 
  • Warrant call for redemption trigger: equals or exceeds $18.00 (cash or cashless exercise)
  • 24 months to complete an acquisition
  • Limitation on Redemption Rights: 15%
  • At-risk Capital: $5.44 million (5,437,500 warrants at $1.00)
  • Indication of Interest: 
    • Arya Science Holdings (an affiliate of Perceptive), the Sponsor, has indicated an interest in purchasing up to $25 million of shares at combination
  • Underwriter fees: 2.75% + 3.25% deferred. 

 

Jefferies is sole book-running manager and Chardan is lead manager.

Kirkland & Ellis LLP and Skadden, Arps, Slate, Meagher & Flom LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.

 

Recent Posts
by Kristi Marvin on 2024-04-20 at 11:45am

Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...

by Nicholas Alan Clayton on 2024-04-19 at 3:00pm

Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...

by Nicholas Alan Clayton on 2024-04-19 at 7:53am

At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...

by Nicholas Alan Clayton on 2024-04-18 at 11:50am

AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...

by Nicholas Alan Clayton on 2024-04-18 at 7:57am

At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved