Another week, another SPAC deal. This time, Science 37, Inc. is merging with LifeSci Acquisition II Corp. (NASDAQ: LSAQ), a special purpose acquisition company (SPAC) targeting the biopharma, medical technology, digital health and healthcare services sectors. The transaction values Science 37 at a total enterprise value of $1.05 billion and a fully distributed equity value of approximately $1.3 billion at signing. Science 37 shareholders could also get $125 million in achievement milestones.
Science 37 developed the Decentralized Clinical Trial Operating System, which provides workflow coordination, evidence generation and data synchronization, allowing companies to conduct fully decentralized clinical trials. This type of clinical trial helps retain patients longer and allows companies to reach a more diverse and representative patient population. The company is based in Culver City, California.
The combined company will operate as Science 37 and is expected to be listed on the NASDAQ under the ticker symbol SNCE. The transaction is expected to deliver approximately $280 million of gross proceeds, including the contribution of up to $80 million of cash held in LifeSci’s trust account and $200 million from a PIPE funding from a group of healthcare investors.
Cowen & Co. and Perella Weinberg Partners LP are acting as financial advisors and Latham & Watkins LLP and DLA Piper LLP (US) are serving as legal advisors to Science 37.