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Social Capital Suvretta Holdings Corp. III (DNAC) will reconvene its Extraordinary General Meeting on July 11, 2022, at 8:30 a.m. ET to discuss the Business Combination Agreement with ProKidney LP, established on January 18, 2022. Shareholders are advised to review the definitive proxy statement previously filed with the SEC on June 10, 2022, which provides crucial information about the transaction. The meeting will be held both in-person and virtually, with details available on the company’s website.
Brodsky & Smith has initiated investigations concerning Zogenix, Inc. (ZGNX), Social Capital Suvretta Holdings Corp. III (DNAC), and Viveon Health Acquisition Corp. (VHAQ) due to potential breaches of fiduciary duties by their boards during acquisition agreements. Zogenix is proposed to be acquired by UCB for $26.00 per share, plus a $2.00 CVR. Social Capital's merger with ProKidney results in a 9% ownership for its shareholders. Viveon Health's merger with Suneva Medical will leave its shareholders with 39.3% ownership. These investigations assess fairness in the acquisition processes.
ProKidney, a clinical-stage cellular therapeutics company, has initiated a business combination with Social Capital Suvretta Holdings Corp. III (DNAC). This partnership aims to accelerate the development of REACT®, a first-of-its-kind autologous cell therapy targeting chronic kidney disease (CKD), which has received RMAT designation. The deal values the combined entity at $2.64 billion and is projected to provide $825 million in gross cash proceeds to support REACT®'s Phase 3 clinical trials and manufacturing efforts. The patient population for REACT® exceeds 75 million across the U.S. and the EU.
Social Capital Suvretta Holdings Corp. III has priced its upsized initial public offering (IPO) at $10.00 per share for 22,000,000 Class A ordinary shares, set to trade under the ticker symbol DNAC starting June 30, 2021. The company focuses on mergers in the biotechnology sector, particularly in the organ space subsector. Morgan Stanley acts as the sole book-running manager, with an option for underwriters to purchase an additional 3,300,000 shares. Registration statements became effective June 29, 2021, with detailed offerings available via the SEC.
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