Biotech ProKidney LP will merge with a blank-check firm backed by veteran dealmaker Chamath Palihapitiya to go public in a deal valuing the combined entity at $2.64 billion, the companies said on Tuesday.
The merger with Social Capital Suvretta Holdings Corp III will hand ProKidney up to $825 million in gross proceeds to advance the development of its treatment for chronic kidney diseases.
The proceeds include the $250 million the blank-check firm raised through an initial public offering (IPO) in July and a $575 million private investment in public equity, or PIPE.
Read more/Source: Reuters
