INSU Acquisition Corp. II announced the pricing of its upsized $200 million IPO this evening and units are expected to begin trading on the Nasdaq under the symbol “INAQU” tomorrow, Thursday, September 3rd.
INSU Acquisition Corp. II is being led by John M. Butler as President and Chief Executive Officer, with Joseph W. Pooler Jr. serving as Chief Financial Officer and Treasurer, while Daniel G. Cohen serves as Chairman of the Board.
Total SPAC deal count for 2020 year-to-date is now 83 with $33.73 billion in gross proceeds raised. The offering is anticipated to close on Tuesday, September 8th, 2020.
Cantor Fitzgerald & Co. is serving as the sole book-running manager for the offering. Ledgewood PC and Ellenoff Grossman & Schole LLP were Issuer’s Counsel and Underwriter’s Counsel, respectively. Grant Thornton LLP acted as auditor. Continental Stock Transfer & Trust Company is acting as trustee.
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Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...