Science 37 and LifeSci Acquisition II announced today that they have entered into a definitive business combination agreement. Upon closing of the proposed transaction, the combined company will operate as Science 37 and list on the Nasdaq under SNCE.
The deal values Science 37 at an initial enterprise value of approximately $1.05 billion and will provide the combined company with approximately $250 million of cash (assuming no redemptions from LifeSci’s trust account). The SPAC holds approximately $80 million in trust and raised $200 million in a PIPE from institutional and strategic investors including Redmile Group; funds and accounts managed by BlackRock; Casdin Capital; dRx Capital (Novartis Pharma AG); LifeSci Venture Partners; Lux Capital; Mubadala Capital, the asset management arm of Mubadala Investment Company; Perceptive Advisors; PPD; Pura Vida Investments; RS Investments; RTW Investments, LP; Samsara BioCapital; and Surveyor Capital (a Citadel Company).
Founded in 2014, Science 37 provides a platform for clinical research while optimizing the experience and outcomes for patients and medical scientists. Science 37 offer a range of technology and virtual capabilities, from executing a virtual clinical trial to supplementing a trial as a virtual site, to enabling clinical trials through technology.
Pending regulatory and shareholder approvals, the deal is expected to close in the third quarter. Read more.
