Mergers in Reverse, SPACs on the Rise!Mergers in Reverse, SPACs on the Rise!
HeartFlow the latest company to go public through the SPAC merger. The firm said it is going public via a merger with Longview Acquisition Corp., a SPAC company sponsored by affiliates of Glenview Capital Management LLC.
July 15, 2021
Stop us if you’ve heard this one before. Company A is the latest medtech firm to go public through a SPAC deal. The scenario is becoming all too common these days as more companies are pursuing this option.
On Thursday, Heartflow, a cardiovascular precision care specialist, said it was going public via a merger with Longview Acquisition Corp., a SPAC company sponsored by affiliates of Glenview Capital Management LLC.
The merger has an enterprise value of $2.4 billion and would give the combined company $400 million for capital growth after closing.
Redwood City, CA-based HeartFlow was launched 11 years ago. The company’s core product, the HeartFlow FFRCT Analysis, is a non-invasive cardiac test for stable symptomatic patients with coronary artery disease (CAD). With the HeartFlow FFRCT Analysis, the company currently targets a $10 billion total addressable market opportunity that it plans to expand to more than $50 billion through the introduction of new products, new customer site additions and increased utilization of HeartFlow in existing healthcare systems over the coming years.
“We believe that our non-invasive, artificial intelligence-enabled, cloud-based enterprise software solution can transform cardiovascular care with risk assessment, diagnosis planning and treatment management,” said John H. Stevens, MD, President, CEO and Co-Founder of HeartFlow. “Importantly, we have brought together a talented group of individuals with deep expertise in technology, cardiovascular medicine, and the business of healthcare and a deep commitment to patients to deliver on this vision. I’m incredibly proud of the HeartFlow team in reaching this important milestone.”
Less than a week ago, MD+DI reported on Hyperfine combining with Liminal Sciences, and HealthCor Catalio Acquisition Corp in a SPAC valued at $580 million.
The deal followed last month’s announcement of 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.
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