NewAmsterdam Pharma BV, a biotechnology company that intends to cure metabolic illnesses, is in talks to go public through a merger with blank-check business Frazier Lifesciences Acquisition Corp.
Frazier, a Seattle-based particular purpose acquisition company led by Chairman and CEO Jamie Topper, is in final talks with investors for private investment in public equity to support a transaction valued at more than $700 million, according to some of the people, all of whom requested anonymity because the talks are private. It’s possible that talks will fall through, as with any unfinished business.
Frazier Chief Financial Officer David Topper and a spokesperson from NewAmsterdam declined to comment.
NewAmsterdam, situated in the Netherlands, was founded in 2019 and is directed by CEO Michael Davidson. It is supported by venture capital firms Forbion, Morningside Ventures, and Ascendant BioCapital. In January 2021, the firm announced that it had raised $196 million from these and other investors, including Kaiser Foundation Hospitals, Peter Thiel, and Janus Henderson Investors.
NewAmsterdam said last month that it had inked a licensing deal with Italy’s Menarini Group to assist in the delivery of anacetrapib upon approval. The medication is currently in clinical trials. NewAmsterdam got an upfront payment of €115 million ($118 million) and €27.5 million in research and development financing as part of the Menarini agreement, for a total of €142.5 million. According to the company, the Dutch biotech might collect an additional €863 million dependent on clinical, regulatory, and commercial milestones.
In a December 2020 initial public offering, the Frazier SPAC raised $138 million. It is associated with Frazier Healthcare Partners. An investment firm focused on health care and life sciences.
