ProKidney LP, a cellular therapeutics company focused on kidney disease, announced an agreement to merge with special purpose acquisition company (SPAC) Social Capital Suvretta Holdings Corp. III in a deal that values the combined company at $2.64 billion. The deal, which will take ProKidney public, is expected to provide $825 million in cash proceeds. After the deal closes, which is expected to occur in the third quarter of 2022, the combined company is expected to trade on the Nasdaq under the ticker symbol “PROK.” A Phase 3 trial for ProKidney’s lead product candidate, REACT, launched in January 2022, with primary analysis projected to occur in 2025. and has the potential to slow progression of chronic kidney disease (CKD) but in some cases can improve kidney function. Social Capital’s stock, which rose 0.4% in morning trading, has edged up 0.6% over the past three months, while the S&P 500 has gained 2.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
