Gemini Therapeutics

SPAC deal
Gemini Therapeutics has several therapies in development for AMD, including two gene therapies that are both in the preclinical phase. (Getty Images)

SPAC Name: FS Development Corp.
Target: Gemini Therapeutics
Total Raised at IPO: $125 million
Anticipated Enterprise Value at Deal Closing: $266 million

Gemini Therapeutics was another biotech snapped up as one in a group of SPACs, this time for around $216 million by FS Development Corp.

FS is sponsored by Foresite Capital Fund V, the 10-year-old firm that raised $969 million in February to fund new investments in healthcare. The SPAC raised $125 million at IPO and had a value of $266 million at closing with Gemini, according to Evercore. The deal was announced in October 2020. About eight months later, FS Development Corp II nabbed its target in Pardes Biosciences.

Cambridge, Massachusetts-based Gemini emerged from the SPAC deal with $216 million in proceeds. The biotech sticks out on this list a little just for the indication it's going after: genetically defined age-related macular degeneration. The precision medicine biotech is developing GEM103 to target the 40% of AMD patients whose condition has a variation in the complement factor H gene.

Gemini thinks the midstage asset can slow the progression of the retinal disease. Phase 2a results released in June supported GEM103’s biological activity, the company reported during second-quarter earnings earlier this month. The biotech has completed enrollment for another AMD trial to use the treatment as an add-on to anti-vascular endothelial growth factor therapy, which is meant to slow damage and vision loss.

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The biotech has several other therapies in development for AMD, including two gene therapies that are both in the preclinical phase. Two assets are in early research for ocular disease, including a monoclonal antibody and another gene therapy, and finally, another monoclonal antibody is in preclinical research for a systemic renal indication.

But GEM103 is the real, well, gem, according to the company. The therapy was touted over and over again in the most recent earnings report.

Gemini is led by Jason Meyenburg, previously of Orchard Therapeutics.

Gemini Therapeutics