RESEARCH ALLIANCE CORPORATION III ANNOUNCES PRICING OF $75 MILLION INITIAL PUBLIC OFFERING

• The offering priced on May 20, 2026, with Leerink Partners serving as sole bookrunning manager
• Investor participation included major institutional players such as Perceptive Advisors, Foresite Capital, Cormorant Asset Management, BVF Partners, and approximately 15 other healthcare-focused investment firms
• The SEC declared the registration statement effective on May 19, 2026, enabling the SPAC to proceed with its capital raise

Summary

Research Alliance Corporation III announced the successful pricing of its initial public offering (IPO) on May 20, 2026, raising $75 million through the issuance of 7.5 million Class A ordinary shares.

Company Structure & Leadership:

The company is a special purpose acquisition company (SPAC) sponsored by an affiliate of RA Capital Management, L.P. Leadership includes CEO Matthew Hammond, PhD, MBA and CBO/COO Henry Stusnick. As a blank check company, it was formed specifically to pursue merger, acquisition, or business combination opportunities.

Investment Banking & Participants:

Leerink Partners served as the sole bookrunning manager for the offering. The IPO attracted significant institutional participation, including notable healthcare-focused investors such as:

• ADAR1 Capital
• BVF Partners
• Cormorant Asset Management
• Foresite Capital
• Janus Henderson Investors
• Perceptive Advisors
• Venrock Healthcare Capital Partners
• Multiple other institutional investors

Regulatory Status:

The registration statement received SEC approval on May 19, 2026, one day prior to pricing.

Market Implications:

The successful pricing and strong institutional backing, particularly from healthcare-specialized investors, suggests robust market appetite for SPAC vehicles in the healthcare/life sciences sector. The involvement of RA Capital Management, a prominent healthcare investment firm, and healthcare-focused institutional investors indicates the SPAC will likely target biotechnology or healthcare companies for acquisition. The $75 million raise provides substantial capital for pursuing a qualifying business combination transaction.