Benzinga | Jan 18, 2022 07:31AM EST

ProKidney To Go Public Through Merger With Social Capital Suvretta Holdings Corp. III; Transaction Values Combined Co. At Equity Value Of $2.64B

* ProKidney offers a first-of-its-kind, patented disease-modifying autologous cell therapy for treatment of chronic kidney disease ("CKD")

* Lead product candidate, REACT(r), has potential to slow, stabilize, and even reverse decline in kidney function, delaying the onset of dialysis and potentially delivering significant cost savings to healthcare systems globally

* REACT(r) has received Regenerative Medicine Advanced Therapy ("RMAT") designation, as well as U.S. FDA and European Medicines Agency guidance, for its Phase 3 clinical program; Phase 3 trial launched in the United States on schedule in January 2022

* Transaction values the combined company at an equity value of $2.64 billion post-money and is expected to provide up to $825 million in gross cash proceeds, including a fully committed PIPE of $575 million, and up to $250 million of cash held in the trust account of Social Capital Suvretta Holdings Corp. III

* PIPE is led by a $125 million investment from Social Capital, with an additional $50 million from ProKidney's existing investors, approximately $30 million from Suvretta Capital's Averill strategy and remaining $370 million from institutional investors and family offices

* Proceeds will fund REACT(r)'s Phase 3 development program, accelerate manufacturing buildout, and ultimately prepare for its global commercial launch



WINSTON-SALEM, N.C. & PALO ALTO, Calif.--(BUSINESS WIRE)-- ProKidney LP ("ProKidney"), a leading clinical-stage cellular therapeutics company focused on chronic kidney disease ("CKD"), has entered into a definitive agreement to become a publicly traded company via a business combination with Social Capital Suvretta Holdings Corp. III ("SCS") (NASDAQ:DNAC), a special purpose acquisition company. Upon closing, the transaction will accelerate ProKidney's mission to change the lives of tens of millions of CKD patients through a first-of-its-kind disease-modifying autologous cellular therapy.