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Science 37 Taps SPAC For NASDAQ Listing Valued At Around $1B

Science 37, a life science company, is tapping the craze of a special purpose acquisition company to help it with a major public listing.

05/07/2021 16:00
  • Science 37, a life science company, is tapping the craze of a special purpose acquisition company to help it with a major public listing.
  • Specifically, its is penning a merger agreement with LifeSci Acquisition II Corp (NASDAQ: LSAQ).
  • According to its statement, the offering sees Science 37 valued at just over $1 billion and has $250 million to fund its decentralized trial tech platform and “extend into new adjacencies, and power the next generation in clinical research.”
  • The transaction will include a $200 million private placement from investors including BlackRock Inc., Lux Capital, Mubadala Investment Co., PPD Inc., and the SPAC sponsor’s affiliate, LifeSci Venture Partners.
  • It also includes up to $125 million of additional performance-based equity consideration. The company added that Science 37 shareholders “will retain their equity holdings.”
  • Science 37 and is expected to be listed on the Nasdaq under the ticker symbol “SNCE.”
  • According to its website, the company’s platform is used to conduct telehealth check-ins and administrative tasks such as securing patient consent agreements.
  • Price Action: LSAQ shares are up 7.14% at $10.81 during the market trading hours on the last check Friday.