FSDC - FS Development join forces with Gemini Therapeutics; combined company to be listed on Nasdaq

Foresite Capital sponsored FS Development Corp. (FSDC) and precision medicine company Gemini Therapeutics have entered into a definitive merger agreement creating a new company focused on age-related macular degeneration.Current Gemini shareholders are converting 100% of their existing equity interests into common stock of the combined company. Leading institutional investors have committed $95M at $10 per share through a common stock private investment in public equity ((PIPE)).Total proceeds are expected to be ~$216M, combining funds held in FSDC’s trust account and the PIPE financing, and will be used to advance Gemini's clinical programs and preclinical portfolio.Upon closing of the merger, the company will be renamed 'Gemini Therapeutics' and will be led by Jason Meyenburg, CEO of Gemini.The transaction is expected to be completed by January 2021 and combined company is expected to be listed on Nasdaq.FSDC shares down 10% premarket.

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FS Development join forces with Gemini Therapeutics; combined company to be listed on Nasdaq