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Foresite, Gilead and others acquire new crown antiviral drugs in a $250 million SPAC transaction

 Last Update: 2021-08-10
 Source: Internet
 Author: User

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Gilead and venture capital firms are supporting a dark horse operation to win the competition for the first or at least the best effective drug against COVID-19

On June 29, according to foreign media reports, Foreste Capital announced that it would use one of its SPACs (special purpose mergers and acquisitions company) to list Pardes Biosciences, which was established only last year

According to documents submitted to the SEC, the company was founded in early 2020 by former Gilead executive Uri Lopatin, who previously co-founded and served as the CMO of Assembly Biosciences and was one of the main participants in the search for a cure for hepatitis B until November last year.

Lopatin left Assembly in 2019 and has been a part-time partner of Y Combinator.

However, the SPAC deal is worth noting because Pardes is far behind in finding drugs for COVID-19

Pardes believes that the delay of the vaccine is not as important as it seems, because factors such as the high delay rate of the vaccine, uneven distribution of the vaccine and new variants have made the huge demand for new coronavirus drugs continue to exist

However, all of these have not been confirmed

Reference source: In surprising flop, Exelixis' Cabometyx combo with Roche's Tecentriq fails to extend life in liver cancer

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