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The proposed merger between FS Development Corp. II (FSII) and Pardes Biosciences is set for a shareholder vote on December 23, 2021. The combined entity aims to develop oral antiviral treatments for COVID-19, particularly the promising candidate PBI-0451, currently in Phase I trials. The CEOs emphasize the need for direct-acting antivirals as SARS-CoV-2 becomes endemic. Positive interim results from the Phase I study are expected in Q1 2022.
FS Development Corp. II (NASDAQ: FSII) announced that the SEC has declared effective its registration statement on Form S-4, related to its business combination with Pardes Biosciences, Inc. The company has begun mailing the definitive proxy statement/prospectus to stockholders for a special meeting on December 23, 2021. Shareholders are encouraged to review the preliminary documents for important information regarding the Business Combination and its implications on FSII's future.
Pardes Biosciences and FS Development Corp. II (FSII) have entered into a definitive merger agreement that will rename the combined entity as Pardes Biosciences. This merger is expected to generate approximately $276 million in total proceeds at closing, including a $75 million PIPE. The primary focus is on the oral antiviral candidate PBI-0451, which targets SARS-CoV-2. Regulatory approval is anticipated for initiating clinical trials later this year. The transaction hinges on shareholder approval and customary closing conditions.
FS Development Corp. II has priced its initial public offering (IPO) of 17,500,000 shares of Class A common stock at $10.00 per share. The stock will be listed on The Nasdaq under the ticker symbol FSII, with trading commencing on February 17, 2021. The offering is expected to close on February 19, 2021. The company, sponsored by Foresite Capital, is a blank check firm targeting business combinations in the biotechnology and life sciences sectors. Jefferies LLC is the lead underwriter, with an option for an additional 2,625,000 shares to cover over-allotments.
