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    Home»Deals & Transactions»Palihapitiya-backed SPAC to take biotech ProKidney public in $2.6 billion deal
    Deals & Transactions

    Palihapitiya-backed SPAC to take biotech ProKidney public in $2.6 billion deal

    January 19, 2022Updated:January 19, 20221 Min Read
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    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

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