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.
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...