Stibbe advises Odyssey Acquisition
Stibbe advises Odyssey Acquisition on its EUR 1.5 billion business combination With BenevolentAI. The combination of Odyssey Acquisition S.A. (Odyssey), a Euronext Amsterdam-listed special-purpose acquisition company (SPAC) focused on European healthcare and TMT growth companies, and BenevolentAI, a leading clinical-stage AI drug discovery company, represents the largest European SPAC merger announced to date and one of the largest Euronext Amsterdam biotech listings ever.
The combination values BenevolentAI at a pre-money valuation of €1.1 billion and a post-money valuation of €1.5 billion prior to any redemptions. Completion is expected in Q1 2022.
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.
Stibbe worked alongside US and Luxembourg counsel.
Stibbe’s team advising Odyssey Acquisition is led by Amsterdam partner Derk Lemstra. The team consists of Jeroen Smits, IJsbrand van Straten, Nora Offergelt, Natalja van Hofwegen, Maurits Schmitz, and David de Groot.
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