NEW YORK, Dec. 19, 2019 /PRNewswire/ -- Chardan Capital Markets, LLC ("Chardan") announced today that its client, Health Sciences Acquisitions Corporation ("HSAC"), successfully completed its merger on December 18, 2019 with Immunovant Sciences Ltd. ("Immunovant"), a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases. The shares of common stock, units, and warrants of the combined company are expected to begin trading today on the NASDAQ under the symbols IMVT, IMVT.U, and IMVT.WS, respectively.
Chardan acted as lead book runner in the initial public offering of HSAC, a special purpose acquisition company sponsored by RTW Investments that raised aggregate gross proceeds of $115 million, including exercise of the over-allotment for the IPO.
"From the start, HSAC was a unique SPAC in that it had been majority held by healthcare-sector investors since IPO," said George Kaufman, Partner and Head of Investment Banking at Chardan. "Supported by that dynamic, RTW led HSAC to be the fastest business combination close from IPO across all SPACs, leveraging its team's deal expertise and relationships. The result is a deal anchored by a number of thought leading funds, including both original HSAC holders and new participants, who committed to supporting the transaction from the start through a successful closing," Kaufman added.
The closing of the merger between HSAC and Immunovant marks the second significant biotech SPAC merger transaction advised by Chardan in 2019. In addition to advising HSAC, Chardan Investments LLC, an affiliate of Chardan, recently sponsored its own healthcare-focused SPAC, Chardan Healthcare Acquisition Corp., that raised aggregate gross proceeds of $70 million and closed a $248 million merger with BiomX, Ltd., a leading microbiome therapy company now trading as BiomX, Inc. on the NYSE under the symbol PHGE.
Jonas Grossman, President of Chardan, added, "We see this merger as an important milestone demonstrating the value and flexibility that SPACs provide as a financing alternative for growing biotech companies. It's exciting to see Chardan's strengths in SPACs and life sciences come together in 2019 through the successful closings of Health Sciences Acquisitions' merger with Immunovant and Chardan Healthcare Acquisitions' merger with BiomX which, combined, raised more than $210 million."
Chardan's SPAC practice participated in 11 transactions year-to-date, helping companies raise in excess of $400 million in capital, and has advised on mergers with an aggregate value of approximately $2.0 billion.
Chardan is an independent global investment bank specializing in healthcare, SPACs and emerging growth companies. Our range of services include capital raising, merger and acquisition advisory, strategic advisory, equity research, corporate access, and institutional trading. Headquartered in New York City, Chardan is a registered broker-dealer with the U.S. Securities and Exchange Commission and is a member of the following: FINRA, SIPC, NASDAQ and the NYSE Arca, Inc. Learn more about Chardan: www.chardan.com
Emily Levine, Chardan
Tom Rozycki, Prosek Partners
Chief Executive Officer
Chardan Capital Markets, LP
Managing Partner and Head of Investment Banking
Chardan Capital Markets, LP
SOURCE Chardan Capital Markets, LLC