It’s Raining Biotech SPACs!

SPACs are all the rage today. With the IPO market booming and public investors seeking better returns, blank check companies called “Special Purpose Acquisition Companies” (SPACs) have been fueling up their tanks and chasing down their merger targets. New ones are getting announced every day, including in biotech: so much so that serial entrepreneur Mike Gilman tweeted that “it’s raining SPACs” - a sentiment that captures the frenzied downpour of activity.