Therapeutics Acquisition (d/b/a Research Alliance I) shareholders voted in favor of the merger with POINT Biopharma, the SPAC disclosed in an 8-K filing today.
Therapeutics Acquisition said 1,394,131 shares were redeemed, taking $13.94 million from the SPAC’s trust. The SPAC raised about $120 million in a July 2020 IPO.
The deal values the merged company at $924 million.
The new business will be named POINT Biopharma Global, and its common stock is expected to list on the Nasdaq under PNT.
The combined company is expected to receive net proceeds of approximately $300 million at the closing of the transaction, including a $165 million PIPE with participation from RA Capital Management, an affiliate of RACA’s sponsor, as well as Johnson & Johnson Innovation, Surveyor Capital (a Citadel company), Farallon Capital Management, BVF Partners, Boxer Capital, Sphera Healthcare, Woodline Partners, Suvretta Capital, Fairmount Funds, and Perceptive Advisors. Read more.