Orion Biotech Opportunities Corp. Announces Pricing of $200,000,000 Initial Public Offering
Orion Biotech Opportunities Corp. announced its initial public offering (IPO) of 20 million units at $10.00 each, totaling $200 million. Trading will commence on Nasdaq under the symbol 'ORIAU' on May 13, 2021. Each unit includes one Class A ordinary share and one-fifth of a redeemable warrant, with each whole warrant allowing purchase of a Class A share at $11.50. The offering is expected to close on May 17, 2021, and Cantor Fitzgerald is the sole book-running manager. The registration statement was effective as of May 12, 2021, with no assurances of completion.
- IPO pricing at $10.00 per unit may attract investors.
- Potential for additional units (up to 3 million) to cover over-allotments.
- Targeting biotechnology and life sciences for future investments.
- Dilution risk for existing shareholders if additional units are purchased.
- Market uncertainty surrounding the success of the IPO and future business combinations.
NEW YORK, May 12, 2021 /PRNewswire/ -- Orion Biotech Opportunities Corp. (the "Company") today announced the pricing of its initial public offering ("IPO") of 20,000,000 units at a price of
Each unit consists of one of the Company's Class A ordinary shares and one-fifth of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of
Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to 3,000,000 additional units to cover over-allotments, if any. The offering is expected to close on May 17, 2021, subject to customary closing conditions.
The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com.
A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC") on May 12, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Orion Biotech Opportunities Corp.
Orion Biotech Opportunities Corp. is a newly incorporated special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination. The Company was established by its co-founders, James Huang, Orion's Chief Executive Officer, and Chrystyna Bedrij Stecyk, to pursue investment opportunities principally in the biotechnology and life sciences industries. In particular, Orion will target North American, European, and Asian healthcare companies with the potential to drive transformational change through the development and commercialization of novel therapies or technologies, areas in which the Company's team has extensive operating, investing and transactional experience.
The Company's sponsor is affiliated with MSD Partners and Panacea. Panacea is a leading venture capital firm focused on early and growth stage healthcare companies globally. MSD Partners is an investment adviser established in 2009 by partners of MSD Capital, which is the private investment firm that was established in 1998 to exclusively manage the capital of Michael Dell, the Chairman and Chief Executive Officer of Dell Technologies, and his family. As of December 31, 2020, MSD Capital and MSD Partners collectively manage over
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the proposed IPO. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Media Contacts:
Todd Fogarty or Anntal Silver
Kekst CNC
212-521-4854 or 212-521-4849
oria@kekstcnc.com
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SOURCE Orion Biotech Opportunities Corp.
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