European Biotech Acquisition $220 million combination with Oculis
We advised European Biotech Acquisition on its de-SPAC transaction
Davis Polk advised European Biotech Acquisition Corp. (EBAC) on its $220 million business combination agreement with Oculis SA. The business combination delivered gross proceeds to Oculis exceeding $109 million from the cash held in trust after shareholder redemptions and the upsized PIPE and private investment financing. The transaction closed on March 2, 2023. The combined company, Oculis Holding AG, will commence trading on the Nasdaq Global Market under the ticker symbol “OCS” on March 3, 2023.
EBAC is a special purpose acquisition company (SPAC) formed for the purpose of effecting a business combination with one or more businesses or entities.
Oculis is a global biopharmaceutical company headquartered in Lausanne, Switzerland. Its mission is to save sight, improve eye care and address medical needs with breakthrough innovations. Oculis’s pipeline includes candidates for topical retinal treatments, topical biologics and disease modifying treatments, focusing on areas of significant medical needs, including diabetic macular edema (DME), dry eye disease (DED) and neuro-retina indications such as glaucoma, affecting growing patient populations.
The Davis Polk corporate team includes partners Michael Davis and Derek Dostal and associates Joshua B. Pittell, Arisa Akashi Sin and Courtney Y. Sohn. The tax team includes partner Corey M. Goodman and associate Constance Zhang. The intellectual property and technology transactions team includes partner David R. Bauer. The executive compensation team includes partner Jennifer S. Conway. All members of the Davis Polk team are based in the New York office.