Just Another Day and Just Another SPAC

Hyperfine is set to combine with Liminal Sciences, and HealthCor Catalio Acquisition Corp in a SPAC valued at $580 million.

Omar Ford

July 12, 2021

1 Min Read
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Hyperfine, the creator of the first FDA-cleared MRI, is merging with Liminal Sciences, a non-invasive brain monitoring specialist, and HealthCor Catalio Acquisition Corp through a SPAC.

The business combination values the combined entity at a total enterprise value of about $580 million upon closing and is expected to position the combined entity with about $375 million of cash to drive the business through its investment phase and to positive cash flow. The combined company’s estimated cash balance will consist of $207 million from the SPAC trust fund, $126 million from PIPE investors, and $66 million from the balance sheets of Hyperfine and Liminal, less $24 million transaction expenses.

“The combination of Hyperfine, Liminal, and HealthCor Catalio presents an inspiring opportunity to transform the global MR imaging and brain sensing paradigm,” said Dave Scott, president and CEO of Hyperfine. “This business combination will empower Hyperfine with the expanded resources, financing, and expert advisory team to substantially broaden MR imaging accessibility and ultimately build a transformational ecosystem across the care continuum.”

SPACs are hot in the healthcare sector. Last month, Pear Therapeutics – a company known for its prescription digital therapeutics went through a SPAC with Thimble Point Acquisition Corp. in June. The combined business is set to have an equity value of 1.6 billion with an expected $400 million in gross proceeds.

In early April, Better Therapeutics announced it was going public through a SPAC with Mountain Crest Acquisition Corp. II. The San Francisco, CA-based company has developed a PDT platform for the treatment of diabetes, heart disease and other cardiometabolic conditions. 

And earlier this year, 23andMe, a consumer genetics company, announced it was going public through a SPAC with VG acquisition set to close in 2Q21.

 

About the Author

Omar Ford

Omar Ford is a veteran reporter in the field of medical technology and healthcare journalism. As Editor-in-Chief of MD+DI (Medical Device and Diagnostics Industry), a leading publication in the industry, Ford has established himself as an authoritative voice and a trusted source of information.

Ford, who has a bachelor's degree in print journalism from the University of South Carolina, has dedicated his career to reporting on the latest advancements and trends in the medical device and diagnostic sector.

During his tenure at MD+DI, Ford has covered a wide range of topics, including emerging medical technologies, regulatory developments, market trends, and the rise of artificial intelligence. He has interviewed influential leaders and key opinion leaders in the field, providing readers with valuable perspectives and expert analysis.

 

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