CORRECTING and REPLACING European Biotech Acquisition Corp. Announces Pricing of Upsized $120 Million Initial Public Offering

Headline of release should read: European Biotech Acquisition Corp. Announces Pricing of Upsized $120 Million Initial Public Offering (instead of Pricing of $100 Million). First paragraph, first sentence of release should read: 12,000,000 units (instead of 10,000,000 units). Third paragraph, second sentence of release should read: 1,800,000 units (instead of 1,500,000 units).

The updated release reads:

EUROPEAN BIOTECH ACQUISITION CORP. ANNOUNCES PRICING OF UPSIZED $120 MILLION INITIAL PUBLIC OFFERING

European Biotech Acquisition Corp. (the "Company") announced today that it priced its initial public offering of 12,000,000 units at $10.00 per unit. The units are expected to be listed on The Nasdaq Capital Market ("Nasdaq") and trade under the ticker symbol "EBACU" beginning on March 16, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on Nasdaq under the symbols "EBAC" and "EBACW," respectively.

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on identifying promising opportunities in the life sciences industry in Europe. The members of the management team are associated with LSP, one of Europe's largest and most experienced healthcare investment firms.

Credit Suisse and Kempen & Co are acting as the joint book-running managers of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,800,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, Telephone: 1-800-221-1037, Email: [email protected] or Kempen & Co U.S.A., Inc., attention John McGowan, Email: [email protected], Telephone: 1-212-37600132.

A registration statement relating to the securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC") on March 15, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.