Life Sciences SPAC Monitor - FCF Fox Corporate Finance | FCF Life Sciences May 10th, 2021 - 1st Quarter 2021
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FCF Fox Corporate Finance | FCF Life Sciences Life Sciences SPAC Monitor May 10th, 2021 Injection
FCF Life Sciences Overview
Overview Services Facts and Figures
Focus on Biotech, MedTech and HealthTech Collaboration Over Over
Life Sciences
Management Team of
with 100 years EUR 2bn
We advise innovative companies on arranging, structuring and placing equity BioScience in aggregated Life Sciences
Presentation 10
and debt transactions in a holistic financing approach. Valuation and Life Sciences transaction
Integrated based in Munich
YAFO Capital experience volume1
Financial
Modeling
Focus Areas Post- Over 7
Access to
Transaction 80 Leading regularly
FCF advises with its dedicated Life Sciences team on the following Support > 1500
completed Life EIB advisor published Life
international
transaction types: Investor Sciences in Europe Sciences
investors
Screening transactions1 reports
1 including Professionals and Life Sciences Advisors
Investor / IB
Venture China Roadshow Life Sciences Research Series
Equity
Debt Licensing
Due
Diligence
Support Life Sciences Venture Biotech Venture Capital
Capital Monitor – Europe Monitor – US
Equity & Debt
Life Sciences Team Fundraising
Financing
Strategy
Advisory Life Sciences Venture Biotech Licensing
Capital Report Monitor – China
Closing
Assistance
Prof. Dr. Arno Fuchs Dr. Alexandra Dr. Joachim Alexander Kuhn
Horst Domdey CEO Goll M. Greuel Analyst
Life Sciences Life Sciences Life Sciences Term Sheet
Advisor Advisor Advisor Negotiation Biotech Public Equity MedTech Public Equity
IPO Monitor Monitor
Execution
Support
Life
Science
Advisory Life Sciences IPO Life Sciences SPAC
Dr. Axel Polack Claus Schalper Dr. Mathias Enno Spillner Sebastian Board (extract from service
Life Sciences Life Sciences Life Sciences Report Monitor
Schott Sommer portfolio)
Advisor Advisor Director Advisor Associate
2Executive Summary
The FCF Life
The FCF Life Sciences SPAC Monitor Recipients
Sciences SPAC
Monitor provides an provides an overview of the performance of life sciences companies The FCF Life Sciences SPAC Monitor targets the following
overview of the after the merger (announcement) with a Special Purpose Acquisition recipients:
performance of life Company (SPAC) ▪ Corporates / Executives ▪ Venture capital investors
sciences companies ▪ Institutional investors ▪ Family Offices / High-
after the merger ▪ Private equity investors net-worth individuals
(announcement) with ▪ Advisors
a Special Purpose
Acquisition
Company (SPAC) Scope Availability
More advanced, The selection of companies is based on the following criteria: The FCF Life Sciences SPAC Monitor is available on FCF’s website
detailed and / or at “https://www.fcf.de/de/life-sciences/”
customized reports ▪ Focus on life sciences companies that successfully merged with
are available upon a Special Purpose Acquisition Company (SPAC)
Data
request ▪ Companies operating in the Biotech, Pharmaceutical, MedTech,
HealthTech, Services or other life science related sectors All input data is provided by Pitchbook or S&P Capital IQ and is not
independently verified by FCF. Ratio and multiple calculations are
driven based on the input data available. For additional information
and disclaimer, please refer to the last page
To recommend colleagues or fellow investors to be added to the If you have questions, comments or ideas, please do not hesitate
mailing list, kindly send an email with the respective contact to contact us
information
3Market Overview: The number of SPAC IPOs is stagnating
611
583 604
467
359
319 324
266 290
208 205
173
120 115
49 80 87 99
79
12 26 34 70
16 40
7
May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-2021
to date
SPAC IPO Pipeline Total SPAC IPOs
▪ Since May 2020, 611 SPACs have been successfully listed on a public stock exchange. The current SPAC IPO pipeline consists of 324
SPACs
▪ More than half of the IPOs took place within the 1st Quarter of 2021 (317 IPOs)
▪ However, both the number of successful SPAC IPOs and the current SPAC IPO pipeline have been stagnating since April 2021
▪ A potential reason could be an official SEC statement1 published in mid-April 2021. The SEC expressed its concerns about the current
treatment of SPAC warrants as equity. The warrants may need to be re-classified as liabilities depending on the payout structure,
settlement in cash or stock or whether their value is tied solely to the performance of the underlying stock
▪ The potential change in accounting may cause a delay in the process and additional costs as SPACs that announced their IPO may
have to adjust their financial statements
1”StaffStatement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (https://www.sec.gov/news/public-statement/accounting-
reporting-warrants-issued-spacs) 4
Source: S&P Capital IQ as of 10.05.2021FCF Life Sciences SPAC Index
The FCF Life 80%
Sciences SPAC
Index is an equally
weighted average
return index. It 60%
consists of the 15
healthcare
companies that 40%
successfully merged 29.7%
with a SPAC. A
SPAC is included in
the index upon its 20% 9.0%
merger
announcement
0%
Since inception, the
SPAC Index shows
an increase of 9%.
However, the SPAC -20%
Index lags behind
the Dow Jones by
almost 21% points
-40%
FCF Life Sciences SPAC Index Dow Jones Industrial Average Index
Source: S&P Capital IQ as of 10.05.2021 5SPAC Overview
Date Share Price
There are currently (Acquisition Market Cap Market to (Acquisition Share Price Share Price Performance
15 healthcare Target Ticker SPAC Announcement) IPO Size Deal Volume (As of Today) Deal Value Announcement) (As of Today) (Since Acquisition Announcement)
companies that have Nuvation Bio Inc. NUVB Panacea Acquisition Corp. 05-01-21 143m 144m 2,514m 17.5x 11.8 11.6 -2.1%
successfully merged
with a SPAC Butterfly Network, Inc. BFLY Longview Acquisition Corp. 20-11-20 414m 414m 2,324m 5.6x 12.5 12.2 -2.8%
In total, SPACs have Reviva Pharmaceuticals,
RVPH Tenzing Acquisition Corp. 06-11-20 55m 119m 50m 0.4x 10.9 5.4 -50.0%
Inc.
acquired USD
3.54bn in life Hims & Hers Health, Inc. HIMS Oaktree Acquisition Corp. 03-11-20 200m 205m 2,071m 10.1x 10.2 10.8 +6.2%
sciences assets,
which are currently SOC Telemed, Inc. TLMD Healthcare Merger Corp. 22-10-20 220m 720m 707m 1.0x 10.0 7.8 -22.1%
valued at USD
17.16bn (market Gemini Therapeutics, Inc. GMTX FS Development Corp. 15-10-20 120m 121m 515m 4.3x 10.7 12.0 +12.0%
cap)
Clene Nanomedicine, Inc. CLNN Tottenham Acquisition I Ltd. 14-10-20 46m 32m 547m 17.1x 10.8 9.2 -14.8%
47% of the merged
SPACs show a
180 Life Sciences Corp. ATNF KBL Merger Corp. IV 01-10-20 100m 175m 272m 1.6x 11.0 8.9 -18.6%
positive share price
performance since
Vincerx Pharma, Inc. VINC LifeSci Acquisition Corp. 29-09-20 60m 55m 212m 3.9x 12.6 15.8 +25.0%
the announcement,
whereas 53% Cerevel Therapeutics ARYA Sciences Acquisition
CERE 30-07-20 150m 147m 1,775m 12.1x 11.9 13.9 +17.1%
indicate a negative Holdings, Inc. Corp. II
share price Schultze Special Purpose
Clever Leaves Holdings Inc CLVR 27-07-20 130m 255m 248m 1.0x 10.2 9.5 -7.1%
development Acquisition
ARYA Sciences Acquisition
Immatics N.V. IMTX 17-03-20 125m 253m 725m 2.9x 10.3 11.5 +12.4%
Corp.
Health Sciences Acquisitions
Immunovant Sciences, Inc. IMVT 02-10-19 100m 395m 1,642m 4.2x 10.2 16.8 +65.1%
Corp.
Chardan Healthcare
BiomX, Inc. PHGE 17-07-19 70m 254m 151m 0.6x 10.7 6.2 -41.5%
Acquisition
DFB Healthcare Acquisitions
AdaptHealth Corp. AHCO 08-07-19 250m 253m 3,402m 13.4x 10.3 26.3 +155.5%
Corp.
Source: FCF Equity Research, S&P Capital IQ, Pitchbook as of 10.05.2021
Note: All monetary values in USD 6Contact Details & Disclaimer
DISCLAIMER
This document does not constitute an offer or invitation to purchase or
subscribe for any securities, and neither this document nor anything contained
herein shall form the basis of or may be relied upon in connection with any
contract or commitment whatsoever. No representation or warranty (express or
FCF Fox Corporate Finance GmbH implied) is made as to, and no reliance should be placed on, any information,
including projections, estimates, targets and opinions, contained herein, and no
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Telephone +49 (89) 206 0409-0 ▪ Facsimile +49 (89) 206 0409-299 contained herein, and, accordingly, neither FCF nor any of its officers, directors
info@fcf.de ▪ www.fcf.de or employees accepts any liability whatsoever arising directly or indirectly from
the use of this document. By accepting this document you acknowledge that
you will be solely responsible for your own assessment of the market and the
market position of the Company and that you will conduct your own analysis
and be solely responsible for forming your own view of the potential future
Arno Fuchs Dr. Mathias Schott performance of the Company's business. This document contains certain
Chief Executive Officer Director
forward-looking statements, including assumptions, opinions and views cited
P: +49 (89) 206 0409-100 P: +49 (89) 206 0409-123 from third party sources. Various known and unknown risks, uncertainties and
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other factors could cause the actual results, financial position, development or
arno.fuchs@fcf.de mathias.schott@fcf.de
performance of the Company to differ materially from the estimations
expressed or implied herein. FCF does not guarantee that the figures,
assumptions and calculations underlying such historical and forward looking
Sebastian Sommer Alexander Kuhn statements are free from errors nor does FCF accept any responsibility for the
Associate Analyst
future accuracy of the opinions expressed in this document or the actual
P: +49 (89) 206 0409-130 P: +49 (89) 206 0409-120 occurrence of the forecasted developments.
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sebastian.sommer@fcf.de alexander.kuhn@fcf.de © FCF Fox Corporate Finance GmbH 2021
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