Odyssey Acquisition S.A. (“Odyssey Acquisition”), a Luxembourg special purpose acquisition company (SPAC) listed on Euronext Amsterdam N.V., and BenevolentAI Limited (“BenevolentAI”), a leading, clinical stage artificial intelligence drug discovery company, announced that they have entered into a definitive agreement for a business combination.
Elvinger Hoss Prussen, together with UK and Dutch counsel, designed the transaction structure whereby Odyssey Acquisition will combine with BenevolentAI at a pro forma market value of €1.5 billion by way of a contribution of all shares of BenevolentAI into Odyssey Acquisition in exchange for new public shares, among others.
BenevolentAI combines advanced artificial intelligence and machine learning with cutting edge science to discover and develop novel and more effective medicines. The planned business combination will enable BenevolentAI to continue investing in its innovative technology platform, accelerate the scale-up of its clinical pipeline and consolidate its leadership position in AI-enabled drug discovery and deliver multiple value inflection points in the near-future.
The team was led by partners Philippe Hoss and Thierry Kauffman, and included senior associate Jean-Bernard Spinoit, and associate Ben Reckinger.
