Tang Capital Acquisition filed for an initial public offering.

The special purpose acquisition company plans to offer 3 million shares at $25 a piece, for a total IPO value of $75 million.

Tang Capital said its sponsor has indicated a non-binding intention to buy 67% of the shares sold in the offering on the same terms being offered to the public. The sponsor plans to buy 2 million shares for a total of $50 million, Tang said.

Tang plans to trade on Nasdaq under the ticker TCAA.

The sponsor will also not hold founder shares, Class B shares or sponsor warrants.

Tang plans to focus on the biopharmaceutical industry when looking for a potential acquisition target. It is looking for a private, development-stage company seeking a simultaneous capital raise and public listing.

It is sponsored by an LLC formed by Tang Capital Management, a life-sciences fund founded in 2002. Tang Capital has founded or served as the management team for six companies that have collectively received FDA approval for nine drugs over the past two decades.