A London-based artificial intelligence drug discovery group has struck the largest European special purpose acquisition company merger, attracting a valuation of €1.5 billion.
BenevolentAI is to list on the Euronext in Amsterdam in the first quarter of next year by combining with Odyssey, a Spac launched by the two investment banker brothers behind Zaoui & Co, the boutique firm.
The company will raise €390 million, including €300 million following Odyssey’s July listing and €135 million from a private placement involving Temasek, the Singapore state-backed investment company and an existing backer, and AstraZeneca, one of Britain’s largest drugs groups and a strategic partner, as well as other investors.
However, the combination with Odyssey has delivered a lower valuation than BenevolentAI received three years ago, when it
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