Pardes Biosciences, an early-stage biopharmaceutical company, and FS Development II today announced they have entered into a definitive merger agreement.
The combined company is expected to receive gross proceeds of approximately $276 million at the closing (assuming no redemptions), which is expected by October.
In addition to the approximately $201 million held in FSII’s trust account, a group of institutional and strategic healthcare investors has committed to participate in the transaction through a $75 million common stock PIPE. The PIPE investors include Foresite Capital, RA Capital Management, Frazier Life Sciences, funds and accounts advised by T. Rowe Price Associates, GMF Capital, EcoR1 Capital, Monashee Investment Management, as well as strategic investor, Gilead Sciences.
The company’s lead program, PBI-0451, an oral antiviral drug candidate, is designed to inhibit an essential viral protein, the main protease of SARS-CoV-2, the virus causing COVID-19. Pardes said the main protease is highly similar across all coronaviruses – including SARS, MERS and the SARS-CoV-2 emerging coronavirus variants.
If the deal is approved, Pardes common stock is expected to list on the Nasdaq under PRDS. Read more.
