Oculis to go public via SPAC deal with EBAC

Privately-held Swiss ophthalmology company Oculis and European Biotech Acquisition Corp (Nasdaq: EBAC), a special purpose acquisition company (SPAC), have entered into a definitive business combination agreement.

On closing of the transaction, the company will be named "Oculis Holding SA" and will work to accelerate the development of Oculis’s differentiated ophthalmology pipeline.

The business combination is expected to deliver gross proceeds to Oculis in excess of $200 million (assuming no redemptions). This includes approximately $127.5 million held in EBAC’s trust (assuming no redemptions) and commitments to an upsized PIPE and private investment of close to $80 million, anchored by LSP 7, with the participation of leading institutional investors, including Earlybird, Novartis Venture Fund, Pivotal bioVenture Partners, funds managed by Tekla Capital Management, and VI Partners, among others.