FS Development Corp. II (FSII) Shareholders Approve Pardes Biosciences Deal
by Kristi Marvin on 2021-12-23 at 11:32am

FS Development Corp. II (NASDAQ:FSII) filed an 8-K this morning revealing that its shareholders have approved its combination with antiviral drug developer firm Pardes Biosciences.

Just 243,989 shares, or 1.2%, were redeemed in connection with the vote, removing roughly $2.4 million from its estimated trust of $201 million. FSII did have a minimum cash closing condition of $100 million and a sponsor support agreement in place of up to $25 million in the event there was less than $25 million in trust post-redemptions. However, clearly it was not needed in this case. This was a good result at a time when “good votes” are hard to come by.

FS II hit highs of $14.97 late last month as excitement stirred about the potential applications of Pardes’ oral antiviral drug candidate PBI-0451 for use in combatting COVID-19 infections. It has since settled down near its pro rata trust value of $10.

The parties initially announced their $657 million combination on June 29. California-based Pardes is developing two antiviral drug candidates and PBI-0451 has been fast-tracked through the FDA approval process.

All measures on FS II’s ballot passed by wide margins. For full vote tallies, click here.


ADVISORS

  • Jefferies LLC and SVB Leerink acted as co-lead private placement agents for, and financial and capital markets advisor to, FS Development Corp. II.
  • Goodwin Procter LLP acted as legal counsel to Pardes.
  • White & Case LLP acted as legal counsel to FS Development Corp. II.

 

FS Development Corp. II (FSII) Shareholders Approve Pardes Biosciences Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

by Nicholas Alan Clayton on 2025-07-01 at 7:51pm

Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....

by Nicholas Alan Clayton on 2025-07-01 at 7:47pm

Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved