Phoenix Biotech Acquisition Files for $155M IPO

Phoenix Biotech Acquisition regisgtered with the SEC to offer 15.5 million units at $10 each. A unit consists of one share and one-half of one warrant.

The new SPAC plans to target healthcare or healthcare related industries in the United States and Europe, especially life sciences companies.

Phoenix Biotech is led by CEO and Director Chris Ehrlich, previously CEO of Locust Walk Acquisition. Locust Walk closed a merger with eFFECTOR Therapeutics last month.

Cantor is sole book-running manager. The underwriters’ over-allotment option is for up to an additional 2.325 million units.

The SPAC has applied to list on the Nasdaq under PBAX. Read more.

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