Seattle biotech startup Nautilus to get $350 million, inventory listing in blank-examine deal

Nautilus Biotechnology announced ideas Monday to go general public by way of a merger with a particular purpose acquisition firm (SPAC) referred to as Arya Sciences Acquisition III.

Nautilus, a Seattle-based biotech startup mapping human proteins, stated the arrangement values it at $900 million and will let it tap $350 million in funds.

“This transaction aligns properly with our aims of unlocking what we feel to be a important possibility in biological science, and producing extended-phrase shareholder benefit,” Nautilus CEO Sujal Patel reported in a statement.

The Nautilus-Arya tie-up is envisioned to shut sometime involving April and June. When the offer is accomplished, the put together business will maintain the Nautilus identify and will be outlined on the Nasdaq exchange with the ticker image NAUT. The boards of Nautilus and Arya have permitted the merger. Arya shares shot up 100% on Monday, closing at $22.43, after the merger was introduced.

Established in 2016, Nautilus aims to produce a unit that can map patients’ proteins far more swiftly and cheaply, enabling drug builders to use that data to discover targeted solutions for conditions. In May perhaps, Nautilus claimed it had lifted $76 million — bringing its overall backing to extra than $108 million — in a spherical led by Vulcan Cash, the investment residence of the late Microsoft co-founder Paul Allen, and joined by Jeff Bezos’ family place of work.

SPACs these types of as Arya, newly included in the Cayman Islands, are a hot development on Wall Avenue. They are also regarded as blank-check out providers for the reason that they generally invite investors to put up money ahead of identifying what enterprise will be acquired.

“Our objective was to determine a business with the opportunity to productively handle a major, unmet require in biomedical science,” Adam Stone, CEO of Arya III, explained in the statement. Nautilus has the opportunity, he stated, to permit “fundamental developments in biology, human wellbeing, and medication.”

Several new SPACs have ties to the Seattle location. Cellular telephone pioneer Craig McCaw elevated $300 million past calendar year for a SPAC that options to merge with a rocket maker and submitted papers Friday for another Kirkland-based mostly SPAC searching for to increase $275 million. Seattle-based Porch Group went public through a SPAC in December. Former Boeing CEO Dennis Muilenburg also has started off a SPAC.

Bloomberg News contributed to this report.

Della C. Mae

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