Ropes & Gray Represents Bain Capital in Cerevel Therapeutics Business Combination with a SPAC
Cerevel Therapeutics announced the completion of its business combination with Arya Sciences Acquisition Corp II, a special purpose acquisition company (SPAC) sponsored by Perceptive Advisors. Cerevel Therapeutics Holdings, Inc., the resulting combined company, began trading its shares under the symbol “CERE” and its warrants under the symbol “CEREW” October 28 on the Nasdaq Capital Market.
Net proceeds to Cerevel from this transaction totaled approximately $440 million, which included funds held in Arya II’s trust account and the concurrent private investment in public equity (PIPE) financing. Ropes & Gray advised Cerevel existing shareholder Bain Capital.
Cerevel, a biopharmaceutical company spun out of Pfizer, is developing drug candidates to treat central nervous system disorders including Parkinson’s, Alzheimer’s, epilepsy, schizophrenia. Five of Cerevel’s drugs are in clinical testing.
The Ropes & Gray team included private equity partner Laura Steinke (New York), capital markets partner Tom Holden (San Francisco) and life sciences partner Michael Beauvais (Boston).