Therapeutics Acquisition Corp. (NASDAQ:RACA) announced in an 8-K filing this morning that its shareholders approved its combination with radiopharmaceutical firm POINT Biopharma at a special meeting yesterday.
A not-insignificant number of shareholders opted to redeem their shares in connection with the vote, however. A total of 1,394,131 shares were redeemed, removing $13,941,310 from Therapeutic’s trust, or just over 10%. This is still not a bad result in the current market and should not interfere with the closing of the transaction, expected to come shortly. POINT is expected to trade on the Nasdaq under the symbol “PNT” following close.
Therapeutics initially announced the $639 million deal with POINT Biopharma on March 15. POINT is a clinical stage radiopharmaceutical firm researching the use of radioglands to treat cancer before and during chemotherapy. POINT is ahead in its development timeline than many other biotech firms targeted by SPACs over the last six months as it already has two cancer therapies in Phase III trials with two more at preclinical stages.
All measures on Therapeutic’s ballot passed by wide margins, but for a full list of proposals and vote tallies, click HERE.
ADVISORS
- Perella Weinberg Partners LP is acting as lead financial and capital markets advisor to POINT.
- Cowen and Company, LLC and Piper Sandler are also acting as capital markets advisors to POINT.
- Jefferies LLC is acting as lead financial and capital markets advisor to RACA.
- Bass, Berry & Sims PLC is acting as lead legal counsel to POINT.
- Goodwin Procter LLP is acting as lead legal counsel to RACA.
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