Kramer Levin Advises Capstar Special Purpose Acquisition Corp. on $1.3 Billion Combination with Gelesis Inc.

On July 19, 2021, Kramer Levin client Capstar Special Purpose Acquisition Corp. (Capstar), a special purpose acquisition company sponsored by affiliates of Capstar Partners, LLC and certain private funds managed by PIMCO, announced that it had entered into a business combination agreement with Gelesis Inc. (Gelesis), a biotherapeutics company aiming to transform weight management using a proprietary biomimetic superabsorbent hydrogel technology. Upon the closing of the transaction, expected in the fourth quarter of 2021, Gelesis will become a public company listed on the New York Stock Exchange. The transaction values the combined company at an equity value of approximately $1.3 billion and includes a fully committed $100 million PIPE financing.