3 Firms Rep ProKidney's $2.64B Go-Public SPAC Deal

By Charlie Innis (January 18, 2022, 1:04 PM EST) -- Clinical-stage kidney disease treatment company ProKidney, guided by Davis Polk and Mintz, said Tuesday it will go public through a merger with a Wachtell-led special purpose acquisition vehicle at a $2.64 billion valuation.

The deal will see ProKidney LP bought by Social Capital Suvretta Holdings Corp. III, the SPAC, which will inject the combined company with up to $825 million in gross cash proceeds. About $250 million of the proceeds total will come from the SPAC's trust account, and the other $575 million will draw from a concurrent private investment in public equity, or PIPE deal, with Winston & Strawn advising...

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