Health Sciences Acquisitions Corporation (NASDAQ:HSAC) changed 0.49% to recent value of $10.2. The stock transacted 121109 shares during most recent day however it has an average volume of 46.14K shares. It spotted trading -1.16% off 52-week high price. On the other end, the stock has been noted 6.58% away from the low price over the last 52-weeks.
On Oct. 2, 2019, Health Sciences Acquisitions Corporation (NASDAQ:HSAC) a special purpose acquisition company sponsored by RTW Investments, and Immunovant Sciences Ltd. (Immunovant), a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases, announced that they have entered into a definitive share exchange agreement (SEA). HSAC will acquire 100% of the issued and outstanding shares in Immunovant. Upon closing, the combined company will be called Immunovant
We are thrilled to have the opportunity to partner with the team at Immunovant. We believe IMVT-1401 is a uniquely compelling asset within the FcRn drug class, which we expect will become a cornerstone therapy for treating many auto-antibody driven diseases, said Roderick T. Wong, M.D., President, Chief Executive Officer and Chairman of HSAC and Managing Partner and Chief Investment Officer of RTW Investments.
In addition to the merger described above, Immunovant also reported that it completed a $35 million private bridge financing with RTW Investments, BVF Partners, and Roivant Sciences Ltd. (Roivant). The notes issued in this financing will convert into common shares of Immunovant immediately prior to the closing of the business combination.
The combined company is expected to have more than $100 million at closing and will be led by Immunovant’s experienced management team, headed by Chief Executive Officer Pete Salzmann, M.D. HSAC has received written commitments from certain HSAC shareholders to vote in favor of the transaction and to not redeem their shares, which, in aggregate, more than satisfies the minimum cash closing condition set forth in the SEA. Current HSAC shareholders supporting the transaction include RTW Investments, Adage Capital Management, Cormorant Asset Management, Eventide Asset Management, and Perceptive Advisors.
The company has 14.38M of outstanding shares and 2.11M shares were floated in the market. The price moved ahead of 2.51% from the mean of 20 days, 3.16% from mean of 50 days SMA and performed 3.16% from mean of 200 days price. Company’s performance for the week was 2.41%, 3.34% for month and YTD performance remained 2.51%.