After SPAC merger, NewAmsterdam gives back early gains in first trading day

Strong demand propelled NewAmsterdam’s share price upward as it began trading on NASDAQ Wednesday, with investors supplying a $235 million PIPE upon the completion of the cardiovascular company’s merger with a blank-check company.

NewAmsterdam Pharma Co. N.V. (NASDAQ:NAMS) surged as high as $32.88 early before giving back its gains on Wednesday, finishing at $10.38 in its first day on the market after completing a merger with Frazier Lifesciences Acquisition Corp., a special purpose acquisition company sponsored by Frazier Healthcare Ventures. The deal brings liquidity to a syndicate that includes some investors who had also backed the former owner of NewAmsterdam’s sole clinical program, more than a decade ago...