SPAC bust: ARCH, Deerfield and Section 32 cancel their $200M life sciences bet

A life sci­ences SPAC backed by in­dus­try in­vestors Sec­tion 32, Deer­field Man­age­ment and ARCH Ven­ture Part­ners is clos­ing shop well af­ter the blank-check fad end­ed and eight months af­ter an­oth­er ARCH shell com­pa­ny quit.

DA32 Life Sci­ence Tech Ac­qui­si­tion Corp., which trades as $DALS, will dis­solve and re­deem its out­stand­ing pub­lic shares af­ter fail­ing to com­bine with a busi­ness in the sec­tor, the shell com­pa­ny said af­ter Fri­day’s clos­ing bell. The New York-based SPAC went pub­lic al­most two years ago to the day in a $200 mil­lion IPO — mean­ing its two-year timer for find­ing a busi­ness com­bi­na­tion would stop tick­ing on Ju­ly 30.

To read Endpoints News become a free subscriber

Unlock this article instantly, along with access to limited free monthly articles and our suite of newsletters

SIGN UP LOG IN