Willkie Advises Sarissa Capital on $200 Million SPAC Initial Public Offering

October 28, 2020

Sarissa Capital Acquisition Corp. consummated the IPO of 20,000,000 units, including the issuance of 2,500,000 units as a result of the underwriter’s exercise of its over-allotment option.

On October 23, Willkie client Sarissa Capital Acquisition Corp. consummated the IPO of 20,000,000 units, including the issuance of 2,500,000 units as a result of the underwriter’s exercise of its over-allotment option. Each unit consists of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant entitling its holder to purchase one Class A ordinary share at a price of $11.50 per share. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $200,000,000. The units were listed on The Nasdaq Capital Market and began trading under the ticker symbol "SRSAU" on October 21.

Simultaneously with the closing of the IPO, Sarissa Capital consummated the private placement with its sponsor of an aggregate of 3,333,333 warrants, and with the underwriter of an aggregate of 666,667 warrants.

Sarissa Capital is a new blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While Sarissa Capital may pursue an acquisition opportunity in any industry or sector, it intends to focus on the healthcare industry in the United States and other developed countries. The sponsor, Sarissa Capital Acquisition Sponsor LLC, was capitalized by investment funds managed by Sarissa Capital Management LP, which was founded by Alex Denner, Ph.D.

The Willkie deal team was led by partners William Gump, Russell Leaf, Claire James and Sean Ewen, and included partner Russell Pinilis and associates Halie Klein, Michelle Bai and Chase Gorland.