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Biotech Acquisition Company Announces Closing of $230,000,000 Initial Public Offering

Thu 28th January, 2021 7:58pm
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New York, NY, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Biotech Acquisition Company
(the “Company”) announced today that it has closed its initial public
offering of 23,000,000 units, including 3,000,000 units issued pursuant to the
full exercise by the underwriters of their over-allotment option. The offering
was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000.

The Company’s units are listed on the Nasdaq Capital Market (“Nasdaq”)
and commenced trading under the ticker symbol “BIOTU” on January 26, 2021.
Each unit consists of one of the Company’s Class A ordinary shares and
one-half of one redeemable warrant, each whole warrant entitling the holder
thereof to purchase one Class A ordinary share at a price of $11.50 per share.
Only whole warrants are exercisable. Upon separation of the units, no
fractional warrants will be provided and only whole warrants will trade. Once
the securities comprising the units begin separate trading, the Class A
ordinary shares and warrants are expected to trade on Nasdaq under the symbols
“BIOT” and “BIOTW,” respectively.

The Company is a blank check company formed for the purpose of effecting a
merger, amalgamation, share exchange, asset acquisition, share purchase,
reorganization or other similar business combination with one or more
businesses. Although the Company may pursue a business target in any industry
or geographic location, the Company intends to focus its search for a target
business in the healthcare sector. The Company believes that this focus will
complement its sponsor’s and management team’s background as affiliates of
SPRIM Global Investments, a leading life science investment firm in the
healthcare industry. The Company expects that its target sector will have a
particular focus on life sciences/biotechnology, healthcare information
technology, medical technology and technology-enabled healthcare services.

Cantor Fitzgerald & Co. acted as the sole book-running manager for the
offering. 

Of the proceeds received from the consummation of the initial public offering
and a simultaneous private placement of warrants, $230,000,000 (or $10.00 per
unit sold in the public offering) was placed in the Company’s trust account.
An audited balance sheet of the Company as of January 28, 2021 reflecting
receipt of the proceeds upon consummation of the initial public offering and
the private placement will be included as an exhibit to a Current Report on
Form 8-K to be filed by the Company with the U.S. Securities and Exchange
Commission (the “SEC”).

The offering has been made only by means of a prospectus, copies of which may
be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets,
499 Park Avenue, New York, NY 10022, or by e-mail at prospectus@cantor.com.

A registration statement relating to these securities was declared effective
by the SEC on January 21, 2021. This communication 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.

FORWARD-LOOKING STATEMENTS

This communication contains “forward-looking statements,” including with
respect to the anticipated use of the net proceeds from the Company’s
initial public offering. No assurance can be given that the net proceeds of
the offering will be used as indicated. Forward-looking statements are subject
to numerous risks and assumptions, 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 prospectus for the offering, as filed
with the SEC. Copies are available on the SEC’s website at www.sec.gov. The
Company undertakes no obligation to update any of its forward-looking
statements, except as required by law.
                                                       

Contact
Michael Shleifer
Stephanie.Kolp@sprim.net



GlobeNewswire, Inc. 2021

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