Investor Alert

Market Pulse Archives

Jan. 18, 2022, 9:50 a.m. EST

ProKidney set to go public after SPAC merger that values combined company at $2.6 billion

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Social Capital Suvretta Holdings Corp. III (DNAC)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

ProKidney LP, a cellular therapeutics company focused on kidney disease, announced an agreement to merge with special purpose acquisition company (SPAC) Social Capital Suvretta Holdings Corp. III /zigman2/quotes/227827940/composite DNAC 0.00% in a deal that values the combined company at $2.64 billion. The deal, which will take ProKidney public, is expected to provide $825 million in cash proceeds. After the deal closes, which is expected to occur in the third quarter of 2022, the combined company is expected to trade on the Nasdaq under the ticker symbol "PROK." A Phase 3 trial for ProKidney's lead product candidate, REACT, launched in January 2022, with primary analysis projected to occur in 2025. and has the potential to slow progression of chronic kidney disease (CKD) but in some cases can improve kidney function. Social Capital's stock, which rose 0.4% in morning trading, has edged up 0.6% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.01% has gained 2.4%.

US : U.S.: Nasdaq
$ 9.83
0.00 0.00%
Volume: 32,976
May 20, 2022 3:59p
P/E Ratio
Dividend Yield
Market Cap
$313.48 million
Rev. per Employee
+0.57 +0.01%
Volume: 3.00B
May 20, 2022 5:03p

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.