On December 23, 2020 Vincera Pharma, Inc. (Nasdaq: VINC), a biopharmaceutical company aspiring to address the unmet medical needs of patients with cancer through paradigm-shifting therapeutics, reported the completion of its business combination with LifeSci Acquisition Corp. (Nasdaq: LSAC; LSACU; LSACW; or "LSAC"), a blank check company targeting the biopharma, medical technology, digital health and healthcare services sectors (Press release, Vincerx Pharma, DEC 23, 2020, View Source [SID1234575174]). Vincera Pharma, Inc., the resulting combined company, will commence trading shares of its common stock under the ticker symbol "VINC" on December 24, 2020 on the Nasdaq Capital Market. Proceeds from this transaction net of transaction expenses totaled approximately $62 million. The stockholders of LSAC approved the transaction on December 22, 2020. The transaction was previously approved by Vincera Pharma stockholders. Vincera Pharma’s management team, led by Chief Executive Officer Ahmed Hamdy M.D., will continue to lead the combined company.
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Dr. Hamdy commented, "Today marks an important milestone for Vincera Pharma as we become a publicly listed biopharmaceutical company poised to execute on our goal of developing and commercializing transformative oncology therapeutics. The proceeds from this transaction are expected to enable the rapid clinical advancement of our differentiated, highly selective PTEFb inhibitor and in parallel, the development of our next-generation bioconjugation platform. I would like to thank the entire Vincera Pharma team, our partners at LSAC, our stockholders, and our advisors for their efforts in making this transaction a success and look forward to a milestone-rich 2021 and 2022, which we expect will include the initiation of our clinical programs and early data readouts."
"We believe Vincera Pharma’s seasoned, cohesive management team and compelling pipeline of oncology assets make the company an ideal partner for LSAC," said Andrew I. McDonald, Ph.D., Chief Executive Officer of LSAC and Founding Partner of LifeSci Partners. "We look forward to continuing to work with the Vincera Pharma team to advance their programs and achieve clinical and regulatory success."
Summary of Transaction
On September 25, 2020, Vincera Pharma, a privately held biopharmaceutical company, entered into a definitive business combination agreement with LifeSci Acquisition Corp., a blank check company targeting the biopharma, medical technology, digital health and healthcare services sectors, that was created for the purpose of entering into a business combination with a selected company and bringing the combined entity to the Nasdaq Capital Market.
As a result of the business combination, Vincera Pharma received proceeds net of transaction expenses of approximately $62 million from LSAC’s trust account.
The description of the business combination contained herein is only a summary and is qualified in its entirety by reference to the documents filed with the U.S. Securities and Exchange Commission ("SEC"). A more detailed description of the terms of the transaction has been provided in a definitive proxy statement on Schedule 14A filed with the SEC by LSAC.
Advisors
Pillsbury Winthrop Shaw Pittman LLP serves as counsel to Vincera Pharma, Inc.
Conference Call
The company will host a conference call and webcast to discuss the transaction and business updates on Tuesday, January 5, 2021 at 8:30 AM ET.