Freenome and PCSC Sign Business Combination Agreement, Expected to Raise $330M
Freenome Holdings and Perceptive Capital Solutions (PCSC), announced that they have entered into a definitive business combination agreement. Upon closing of the transaction, PCSC will redomicile as a Delaware corporation, be renamed Freenome, and its common stock is expected to be listed on Nasdaq under the ticker symbol "FRNM." In addition to approximately $90M held in PCSC's trust account, the transaction includes commitments for a common equity PIPE at $10.00 per share of approximately $240M from a group of premier healthcare investors. The PIPE is led by Perceptive and RA Capital with participation from ADAR1 Capital, Bain Capital Life Sciences, Farallon Capital Management, as well as other new and existing leading healthcare investors. Upon the closing of the business combination, Freenome expects to receive approximately $330M. The proceeds will be funded through a combination of approximately $90M held in a trust account by PCSC and an approximately $240M concurrent PIPE financing of common stock at $10.00 per share to leading institutional investors. Assuming no redemptions by PCSC's public shareholders, the combined company is expected to have a post-transaction equity value of approximately $1.1B at closing. Freenome shareholders will not receive any cash proceeds as part of the transaction and will roll 100% of their equity into the combined company. The boards of directors of both Freenome and PCSC have approved the proposed transaction, which is expected to be completed in the first half of 2026. The transaction is subject to, among other things, the approval of the stockholders of both Freenome and PCSC, and satisfaction or waiver of the conditions stated in the definitive business combination agreement.
