Covington & Burling is representing NewAmsterdam Pharma Holding BV, a Netherlands-based clinical-stage biopharmaceutical company specializing in oral therapies for cardio-metabolic diseases, in its public merger with a special purpose acquisition company.
Goodwin Procter advises SPAC, Frazier Lifesciences Acquisition Corporation, which is sponsored by a subsidiary of Seattle-based private equity firm Frazier Healthcare Partners, according to a statement.
NewAmsterdam Pharma says its lead therapeutic candidate, obicetrapib, could potentially serve 30 million patients worldwide with cardiovascular disease.
After the expected closing of the merger in the second half of the year, the new holding company NewAmsterdam Pharma Company NV is expected to be listed on the Nasdaq stock exchange under the symbol “NAMS”.
NewAmsterdam Pharma is expected to raise approximately $235 million from an oversubscribed private equity investment at $10 per share, co-led by Frazier Healthcare Partners and Bain Capital Life Sciences, and including other investors. Kirkland & Ellis advises placement agents in PIPE.
NewAmsterdam said it expects the merger will give it enough funds to operate through 2026. In total, including the SPAC trust account, the transaction would bring the total cash balance of the company to at least $470 million. This is in addition to its total enterprise value of $326 million, according to the release.
Covington said Jack Bodner, Brian K. Rosenzweig and Kerry Burke led his team on the transaction.