Odyssey to combine with BenevolentAI in biggest European SPAC deal

Odyssey Acquisition, a Euronext Amsterdam-listed special-purpose acquisition company (SPAC), and British biotech BenevolentAI, a clinical-stage AI drug discovery company, today announced that they have entered into a definitive agreement for a business combination.

The terms of the combination value BenevolentAI at a pre-money valuation of 1.1 billion euros ($1.24 billion) and a post-money valuation of up to 1.5 billion euros ($1.69 billion). Net transaction proceeds are expected to be up to 390 million euros, including 135 million euros of fully-committed PIPE and 300 million euros of gross cash held in escrow by Odyssey.

The funds will be used to accelerate BenevolentAI’s development, scale-up its clinical pipeline, continue investment in its technology platform, consolidate its leadership position in AI-enabled drug discovery and deliver multiple value inflection points in the near future.