Odyssey Acquisition S.A.’s Planned €1.5 Billion Business Combination with BenevolentAI Limited

Elvinger Hoss Prussen and Stibbe advised Odyssey Acquisition S.A. on the deal. NautaDutilh advised BenevolentAI. Linklaters and Latham & Watkins advised Goldman Sachs International and J.P. Morgan AG.

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.

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 Elvinger Hoss Prussen team was led by partners Philippe Hoss and Thierry Kauffman (Picture), and included senior associate Jean-Bernard Spinoit, and associates Ben Reckinger and Lila Kadri.

The NautaDutilh team was led by Stefan Wissing and consisted of Antonia Netiv, Josée Weydert, Aline Nassoy, Meliha Dacic, Romain Sabatier, Sabrina Legerstee and Felix Seuntjens.

The Stibbe team included Derk Lemstra, Jeroen Smits, IJsbrand van Straten, Nora Offergelt, Natalja van Hofwegen, Maurits Schmitz, David de Groot.

The Linklaters team was led by partners Jason Manketo and Alex Harmse, and included Counsel Will Cresswell, junior associate Joris Knoll, senior US associate Scott James and US law clerk Ian Sholl.

The Latham team was led by London corporate partners Robbie McLaren and Sam Newhouse, with associates Jennifer Cadet, Leah Adeniran, Saavan Shah, and Venice Ma. Advice was also provided on capital markets and public M&A matters by London partners Anna Ngo, Chris Horton, and Douglas Abernethy, with associates Matthew Fisher and Yolanda Min; on tax matters by London partner Helen Lethaby and Chicago partner Diana Doyle, with associates Lina Le Roux and Michael Zucker; and on executive compensation, employment, and benefits matters by London partner Kendall Burnett, with associates Natalie Brown and Adam Ray.

Involved fees earner: Philippe Hoss – Elvinger Hoss Prussen; Lila Kadri – Elvinger Hoss Prussen; Thierry Kauffman – Elvinger Hoss Prussen; Ben Reckinger – Elvinger Hoss Prussen; Jean-Bernard Spinoit – Elvinger Hoss Prussen; Douglas Abernethy – Latham & Watkins; Leah Adeniran – Latham & Watkins; Natalie Brown – Latham & Watkins; Kendall Burnett – Latham & Watkins; Jennifer Cadet – Latham & Watkins; Diana Doyle – Latham & Watkins; Matthew Fisher – Latham & Watkins; Chris Horton – Latham & Watkins; Lina Le Roux – Latham & Watkins; Helen Lethaby – Latham & Watkins; Robbie McLaren – Latham & Watkins; Yolanda Min – Latham & Watkins; Sam Newhouse – Latham & Watkins; Anna Ngo – Latham & Watkins; Adam Ray – Latham & Watkins; Saavan Shah – Latham & Watkins; Michael Zucker – Latham & Watkins; William Cresswell – Linklaters; Alexander Harmse – Linklaters; Scott James – Linklaters; Jason Manketo – Linklaters; Meliha Dacic – NautaDutilh; Sabrina Legerstee – NautaDutilh; Aline Nassoy – NautaDutilh; Antonia Netiv – NautaDutilh; Romain Sabatier – NautaDutilh; Felix Seuntjens – NautaDutilh; Josée Weydert – NautaDutilh; Stefan Wissing – NautaDutilh; David de Groot – Stibbe; Derk Lemstra – Stibbe; Nora Offergelt – Stibbe; Maurits Schmitz – Stibbe; Jeroen Smits – Stibbe; Natalja van Hofwegen – Stibbe; IJsbrand van Straten – Stibbe;

Law Firms: Elvinger Hoss Prussen; Latham & Watkins; Linklaters; NautaDutilh; Stibbe;

Clients: BenevolentAI Ltd; Goldman Sachs International; JP Morgan; Odyssey Acquisition S.A. ;

Naoual Sadouqi

Author: Naoual Sadouqi