FS Development, a blank check company formed by Foresite Capital targeting a healthcare business, raised $105 million by offering 10.5 million shares at $10. The company offered 0.5 million more shares than anticipated.
The company did not offer warrants that would become exercisable following the completion of the initial business combination like an ordinary SPAC.
The company is led by CEO and President Jim Tananbaum, the founder and CEO of Foresite Capital; CFO Dennis Ryan, a Managing Director and CFO of Foresite Capital; and Vice President Michael Rome, a Managing Director at Foresite. The company intends to capitalize on its management team’s background and experience to identify promising opportunities in the biotechnology sector.