Clal Biotech and partners are applying for a $ 100 million Nasdaq SPAC fundraiser


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Clal Biotechnology Industries Ltd. (LEVEL: CBI) has confidentially handed over to the U.S. Securities and Exchange Commission a special purpose vehicle (SPAC) called Cactus Acquisition Corp. to raise $ 100 million through an IPO on the Nasdaq. Cactus, a company with a blank check, would then look for an Israeli life sciences company to acquire or merge with.

Clal Biotech, with a market capitalization of NIS 390 million, is controlled by billionaire Len Blavatnik. Cactus is a partnership between Clal Biotech, a group led by British billionaire Vincent Tchenguiz, and the Israeli Biotechnology Fund (IBF) headed by Yuval Cabilly, prof. David Sidransky and Ido Zairi. Each partner will hold a 33.33% stake in Cactus, and the three partners will receive a total of 20% stake in the company with which Cactus merges.

Cactus will be chaired by Homi Shamir, former CEO of diagnostic pill company Dive Imaging, which has been sold to Covidien (since it was bought by Medtronic) for $ 1 billion. Clal Biotech CEO Ofer Gonen will serve as CEO of Cactus, and management will then move to a target merger company valued at several hundred million dollars.

Posted by Globes, business news in Israel – en.globes.co.il – June 16, 2021

© Copyright Globes Itonut (1983) Ltd. 2021


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