Skip to main content

Mintz Serves as Legal Counsel to ProKidney in $2.6 Billion SPAC Merger

Mintz is serving as legal advisor to ProKidney LP (“ProKidney”), a leading clinical-stage cellular therapeutics company focused on chronic kidney disease (“CKD”), in its definitive agreement to become a publicly-traded company via a business combination with Social Capital Suvretta Holdings Corp. III (“SCS”) (Nasdaq: DNAC), a special purpose acquisition company (SPAC) for a combined equity value of $2.64 billion. The deal, which will take ProKidney public, is expected to provide up to $825 million in gross cash proceeds, including a fully committed PIPE of $575 million, and up to $250 million of cash held in the trust account of Social Capital Suvretta Holdings Corp. III.

The PIPE is led by a $125 million investment from Social Capital with an additional $50 million from ProKidney’s existing investors, approximately $30 million from Suvretta Capital’s Averill strategy, and the remaining $370 million from institutional investors and family offices. 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." 

ProKidney's lead product candidate, REACT®, is in Phase 3 clinical development and has the potential to slow, stabilize and reverse decline in kidney function. Proceeds from the transaction will fund REACT®’s Phase 3 development program, accelerate ProKidney’s manufacturing buildout, and ultimately prepare for the global commercial launch of REACT®.  

The Mintz team advising ProKidney includes Members Matthew T. Simpson and Jason McCaffrey, Mintz Member, Chair of the firm’s Corporate Practice, and Co-chair of the Securities & Capital Markets Practice Megan Gates, Of Counsel Kate Stewart, and Associates Garrett Galvin, and Keunjung “KJ” Cho.

Mintz is a pioneering firm, recognized as an early adopter and at the forefront of SPAC transactions since the early 2000s. Having handled the first-ever New York Stock Exchange SPAC transaction, the firm’s interdisciplinary team draws from decades of experience guiding clients in a broad spectrum of industries through the intricacies of SPAC financings. Notably, the firm has handled over 60 SPAC and reverse merger transactions and worked on several recent SPACs for multi-billion-dollar value companies. Please click here to learn more about Mintz’s SPAC Practice.

In addition, the firm continues its leadership role in life sciences. The firm’s attorneys advise hundreds of businesses and other organizations across the sector’s ecosystem—from start-ups and emerging growth companies to large public companies as well as venture capital and private equity firms, investment banks, and research and academic institutions—on pivotal deals, mission-critical disputes, intellectual property, and regulatory matters. Learn more about Mintz’s Life Sciences Practice here.

For more information about Mintz, please visit