Pardes Biosciences, Inc., an early-stage biopharmaceutical corporation, and FS Development II Corp (NASDAQ: FSII), a unique purpose purchase business backed by Foresite Capital, today announced they have arrived into a conclusive merger contract.
In Conclusion of a deal new company to be called Pardes Biosciences, Inc
Upon finishing the deal, the company will be retitled “Pardes Biosciences, Inc.” and led by Uri A. Lopatin, M.D., Chief Executive Officer of Pardes. The combined company’s common stock is projected to be registered on NASDAQ under the ticker representation PRDS.
A group of leading recognized and planned healthcare stakeholders has dedicated themselves to contributing to the deal through a common stock PIPE of about $75 million at $10.00 per share. Recognized depositors in The PIPE include leading investors Foresite Capital, a subordinate of FS Development Corp. II, RA Capital Management, Frazier Life Sciences, funds and accounts counseled by T. Rowe Price Associates, Inc., GMF Capital LLC, EcoR1 Capital, Monashee Investment Management LLC, as well as planned depositor, Gilead Sciences.
Supposing no recoveries are exercised, the united company is projected to obtain total takings of about $276 million after the transaction, complete of the FS Development Corp II trust account balance.
The company’s lead sequencer, PBI-0451, an oral antiviral drug contender, is intended to constrain an essential viral protein, the chief protease (Mpro) of SARS-CoV-2, the worm instigating COVID-19.
“I am tremendously thankful to the Pardes team and our depositors for helping us attain this significant landmark,” said Uri A. Lopatin, M.D., Chief Executive Officer of Pardes Biosciences. “COVID-19 has been a worldwide medicinal calamity. Over the past year we have been absorbed on bringing onward PBI-0451, a viral protease inhibitor that we are emerging to be a possible oral treatment for SARS-CoV-2 contagions.”
Earnings from the deal are projected to deliver Pardes Biosciences with the capital desired to progress its principal product applicant, PBI-0451, and to advance added early discovery agendas that influence the company’s tunable, rescindable covalent chemistry stage.
Summary of deal
Pardes Biosciences and FS Development Corp. II boards have accepted the projected deal, counting all of their unbiased executives. As a result, present Pardes stockholders are altering 100% of their current equity interests into the common stock of the united company.
In addition to the around $201 million held in FSII’s trust account, a collection of leading institutional and tactical healthcare investors has been dedicated to contributing to the deal over a common stock PIPE of around $75 million at $10 per share.