Orion Biotech Opportunities Corp, a blank check company that is backed by MSD Partners and Panacea, has raised $200 million for its IPO after pricing its 20 million shares at $10 per share. The stock began trading May 13, 2021 on the NASDAQ under the ticker symbol “ORIAU.” Cantor Fitzgerald is serving as the sole underwriter.
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 $10.00 per unit. The units will be listed on The Nasdaq Capital Market LLC (the “Nasdaq”) and trade under the symbol “ORIAU” beginning May 13, 2021.
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 $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq under the symbols “ORIA” and “ORIAW”, respectively.
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: email@example.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 $19 billion. The Company believes the combination of its affiliation with MSD Partners and Panacea, the experience and network of its founders, management team and Strategic Advisors, and the access to our board members’ expertise will be attractive to potential target businesses and will enable us to identify and execute a successful business combination.