Oaktree Acquisition III Life Sciences, a blank check company formed by Oaktree Capital targeting healthcare businesses, filed on Friday with the SEC to raise up to $175 million in an initial public offering.
The Los Angeles, CA-based company plans to raise $175 million by offering 17.5 million units at $10 per unit. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Oaktree Acquisition III Life Sciences would command a market cap of $224 million.
The company is led by Chairman John Frank, Vice Chairman of Oaktree Capital, and CEO Zaid Pardesi, Managing Director of Oaktree's private debt strategy. The executives led previous Oaktree-founded SPACs, including Oaktree Acquisition, which completed a business combination with Hims & Hers Health (Nasdaq: HIMS) in 2021, Oaktree Acquisition II, which completed a business combination with Alvotech (Nasdaq: ALVO) in 2022, and Oaktree Acquisition III, which withdrew its $325 million acquisition in 2023. The company plans to target healthcare or healthcare-related industries.
The Los Angeles, CA-based company was founded in 2024 and plans to list on the Nasdaq under the symbol OACCU. Jefferies, Citi, and UBS Investment Bank are the joint bookrunners on the deal.
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