Clal Biotechnology Industries Ltd. (TASE: CBI) has filed confidentially with the US Securities and Exchange Commission for a special purpose acquisition company (SPAC) called Cactus Acquisition Corp. to raise $100 million in an IPO on Nasdaq. Cactus, a blank check company, would then seek an Israeli life sciences company to acquire or merge with.
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Clal Biotech to form $100m SPAC
Clal Biotech, which has a market cap of NIS 390 million, is controlled by billionaire Len Blavatnik. Cactus is a partnership between Clal Biotech, a group led by UK billionaire Vincent Tchenguiz, and Israel Biotech Fund (IBF) headed by and managed 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 an overall 20% stake in the company that Cactus merges with.
Cactus chairman will be Homi Shamir, the former CEO of diagnostic pill company Given Imaging, which was sold to Covidien (since acquired by Medtronic) for $1 billion. Clal Biotech CEO Ofer Gonen will serve as CEO of Cactus, with management subsequently moving to the target company of the merger, which will have a valuation of several hundred million dollars.
Published by Globes, Israel business news – en.globes.co.il – on June 16, 2021
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