Brief: Revolutionary Chronic Kidney Disease Therapeutics Company Prokidney To Publicly Traded Via Business Combination With Social Capital Suvretta Holdings

Prokidney

18/01/2022 13:58

Jan 18 (Reuters) - 
    * REVOLUTIONARY CHRONIC KIDNEY DISEASE THERAPEUTICS COMPANY
PROKIDNEY TO BECOME PUBLICLY TRADED VIA BUSINESS COMBINATION
WITH SOCIAL CAPITAL SUVRETTA HOLDINGS CORP. III
    * SOCIAL CAPITAL SUVRETTA HOLDINGS CORP III - TRANSACTION
VALUES
COMBINED COMPANY AT AN EQUITY VALUE OF $2.64 BILLION POST-MONEY
    * SOCIAL CAPITAL SUVRETTA HOLDINGS CORP III - PIPE IS LED BY
A
$125 MILLION INVESTMENT FROM SOCIAL CAPITAL
    * SOCIAL CAPITAL SUVRETTA HOLDINGS CORP III - PROCEEDS WILL
FUND
REACT®'S PHASE 3 DEVELOPMENT PROGRAM, ACCELERATE MANUFACTURING
BUILDOUT
    * SOCIAL CAPITAL SUVRETTA HOLDINGS CORP III - TRANSACTION IS
EXPECTED TO DELIVER UP TO $825 MILLION IN GROSS CASH PROCEEDS
    * SOCIAL CAPITAL SUVRETTA HOLDINGS CORP III - EXISTING
PROKIDNEY
EQUITY HOLDERS WILL ROLL 100% OF THEIR EQUITY INTO COMBINED
COMPANY
    * SOCIAL CAPITAL SUVRETTA HOLDINGS CORP III - COMBINED
COMPANY
WILL TRADE ON NASDAQ UNDER SYMBOL "PROK."

Source text for Eikon:  ID:nBw1B2pPPa 
Further company coverage:  DNAC.O