Global law firm Greenberg Traurig, P.A. served as an advisor to Procaps Group, a Colombia-headquartered healthcare and pharmaceutical company, in its merger deal with Union Acquisition Corp. II, a Special Purpose Acquisition Company (SPAC).
The shares of the new unified entity became available for trading on the NASDAQ with the symbol (PROC) on September 30.
As a direct consequence of the deal, Procaps’ valauation rose to US$1.1 billion with gross cash proceeds of approximately US$160 million, including an “upsized private investment in public equity (“PIPE”) of $100 million” made available by institutional investors.
The newly injected capital will be applied towards sponsoring Procaps’ organic expansion plans, including increasing headcount, facility developments, working capital investments, digital platform upgrade and R&D expenses.
The firm also plans to expand through accretive acquisitions. The firm has a presence in 13 countries at the time and also runs the first FDA-approved pharmaceutical plant in South America for selling Rx products into the U.S.
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