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Gemini Therapeutics Merges with FS Development to Develop Clinical Programmes and Preclinical Portfolio
Friday 16 October 2020

US-based clinical stage precision medicine company Gemini Therapeutics and US-based special purpose acquisition company FS Development Corp. (NASDAQ: FSDC) have agreed to merge to further develop Gemini's clinical programmes and preclinical portfolio, the company said.

Upon closing of the transaction, the company will be renamed Gemini Therapeutics, Inc. with the combined company stock expected to list on NASDAQ.

Total proceeds from this transaction are expected to be approximately USD 216m, combining funds held in FS Development Corp.'s trust account and the PIPE financing, and will be used to advance Gemini Therapeutics' precision medicine pipeline including potential treatments for AMD.

Investors in the PIPE include lead investor Foresite Capital, an affiliate of FS Development Corp.'s sponsor, as well as Fidelity Management and Research company LLC, Wellington Management, Boxer Capital of Tavistock Group, Alyeska Investment Group, L.P., Suvretta Capital Management, CVF, DAFNA Capital, and Acorn Bioventures, in addition to existing Gemini Therapeutics shareholders including Orbimed Healthcare Fund Management, Atlas Venture, Lightstone Ventures and Wu Capital.

Jefferies LLC and SVB Leerink acted as co-lead private placement agents for FS Development Corp. Jefferies LLC also acted as lead financial and capital markets advisor to FS Development Corp. Goldman Sachs and Co. LLC acted as lead financial advisor to Gemini in the transaction.

Stifel acted as additional capital markets advisor to Gemini. Goodwin Procter LLP acted as legal counsel to Gemini. White and Case LLP acted as legal counsel to FS Development Corp.

Gemini Therapeutics is a clinical stage precision medicine company developing innovative treatments for age-related macular degeneration by developing drugging strategies that are matched to specific genetic mutations found in patients with high clinical unmet need.

FS Development Corp., sponsored by Foresite Capital, is a blank check company formed for the purpose of effecting a business combination with one or more businesses in the biotechnology sector.
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Date Published: 16/10/2020

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