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Deal or Case news
NautaDutilh advised BenevolentAI, a UK based leading clinical-stage AI drug discovery company on its definitive agreement for a business combination with Odyssey Acquisition S.A. (Odyssey), a Euronext Amsterdam-listed SPAC (special purpose acquisition company).

It is the biggest acquisition by a European SPAC to date, and one of Amsterdam's biggest biotech listings. The terms of the combination value BenevolentAI at a pre-money valuation of €1.1 billion and a post-money valuation of €1.5 billion, prior to any redemptions.

Net transaction proceeds are expected to be up to €390 million. 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.

Our cross-border team, led by Stefan Wissing, consisted of Antonia Netiv, Josée Weydert, Aline Nassoy, Meliha Dacic, Romain Sabatier, Sabrina Legerstee and Felix Seuntjens.

'BenevolentAI has more than 20 programmes in its portfolio, and this de-SPAC deal means it now has the capital to scale its pipeline, among other things. It is great that we, together with Latham & Watkins, were able to contribute to this result. A real team effort', says Stefan. 'In a fast-moving transaction, we were able to truly add value by providing seamless service on both Dutch and Luxembourg corporate and capital markets aspects of the deal.'

NautaDutilh worked alongside Latham & Watkins London. Odyssey was represented by Skadden in London, Elvinger Hoss & Prussen in Luxembourg and Stibbe in the Netherlands.

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