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Nautilus Biotechnology has entered into a definitive merger agreement with Arya Sciences Acquisition Corp III (NASDAQ:ARYA). Upon closing, the combined company is expected to be listed on Nasdaq under the ticker symbol "NAUT"
Nautilus Biotechnology is expected to receive $350 million in proceeds through the business combination, including a $200 million fully committed PIPE led by Perceptive Advisors and other top-tier healthcare investors
The business combination is expected to be completed in the second quarter of 2021
A joint investor conference call to discuss the proposed transaction will be conducted today, February 8, 2021, at 8:00 AM ET
Nautilus Biotechnology, Inc. ("Nautilus Biotechnology" or "Nautilus"), a company pioneering a single-molecule protein analysis platform for quantifying the human proteome, and Arya Sciences Acquisition Corp III (NASDAQ:ARYA) ("Arya III"), a special purpose acquisition company or SPAC, sponsored by Perceptive Advisors, today announced they have entered into a definitive business combination agreement. Upon closing of the transaction, Arya III will redomicile as a Delaware corporation, be renamed Nautilus Biotechnology, Inc. and its common stock is expected to be listed on Nasdaq under the ticker symbol "NAUT" (the "Combined Company").
In addition to the approximately $150 million held in Arya III's trust account (assuming no redemptions are effected), a group of premier healthcare investors has committed to participate in the transaction through a common stock PIPE of approximately $200 million at $10 per share. Investors in the PIPE include lead investor Perceptive Advisors, an affiliate of Arya III's sponsor, as well as RA Capital Management, Ally Bridge Group, Bain Capital Life Sciences, Franklin Templeton Investments, OrbiMed, Alyeska Investment Group, L.P., Casdin Capital and existing Nautilus Biotechnology shareholders including Andreessen Horowitz, Madrona Venture Group, and Vulcan Capital.
The Combined Company is expected to receive proceeds of approximately $350 million at the closing of the transaction (assuming no redemptions are effected) and will continue to operate under the Nautilus management team, led by founder and Chief Executive Officer, Sujal Patel, and founder and Chief Scientist, Parag Mallick. The boards of directors of both Arya III and Nautilus have approved the proposed transaction. Completion of the transaction, which is expected in the second quarter of 2021, is subject to approval of Arya III's shareholders and the satisfaction or waiver of certain other customary closing conditions.
"We believe Nautilus has the potential to help revolutionize biomedicine with an ultra-sensitive, single-molecule protein analysis platform designed to comprehensively analyze and quantify the human proteome," said Nautilus CEO, Sujal Patel. "Our long-standing relationship with Perceptive Advisors, combined with a strong syndicate of other investors, make us confident that this transaction aligns well with our goals of unlocking what we believe to be a significant opportunity in biological science, and creating long-term shareholder value."
"When Arya III was formed, our objective was to identify a company with the potential to successfully address a significant, unmet need in biomedical science," said Adam Stone, chief investment officer of Perceptive Advisors and CEO of Arya III. "In Nautilus, we are combining with a company we believe has the potential to transform the field of proteomics, unlocking access to the proteome and enabling fundamental advancements in biology, human health, and medicine. Over the course of our diligence, we've come to believe that the company's innovative science, thoughtful commercialization strategy, and experienced leadership team make it an exceptional fit to meet our objectives."
Proceeds of the business combination and PIPE will be used to advance development of Nautilus Biotechnology's unique proteomic analysis platform, as well as growth across the company's scientific, engineering, and commercial teams, and to support general corporate activities.
Since its founding, Nautilus has been driven by a desire to enable the biological community to rapidly and comprehensively access the proteome, thereby potentially transforming the ability to examine disease mechanisms, and develop new therapeutics and diagnostics. This mission is guided by a recognition that major advances in proteomics have lagged behind genomics, which Nautilus Biotechnology believes is primarily due to a lack of available tools for measuring the proteome as easily or completely as one can measure the genome and transcriptome.
Nautilus believes that a fundamentally new approach is required to unlock this potential opportunity in biological science. Nautilus is aiming to create a bold, disruptive technology that has the potential to dramatically accelerate the generation of proteomics-based insight, drive new discoveries, and propel this field forward to better understand our fundamental biology and the molecular mechanisms of disease.
Posted In: ARYA
