Cerevel to raise $445M, hit Wall Street via blank check company
Unlike a traditional biotech built around a lab discovery, Cerevel Therapeutics got a¬†‚Äúunique‚ÄĚ start: with $350 million from Bain Capital and a clutch of central nervous system programs from Pfizer. Now, it‚Äôs continuing its unorthodox streak as it taps the public markets.
The company is¬†going public¬†by merging with a public special purpose acquisition company (SPAC) set up by Perceptive Advisors. Also called blank check companies, SPACs are shell companies that go public with the intention of acquiring or merging with another company.