Health tech Spacmania flags

Snippets

The medtech Spac scene seems to be going through one of its periodic lulls, with just one deal announced in August and one in September. The latter is the acquisition of Prenetics, a genomics and diagnostics testing company based in Hong Kong, by the Nasdaq-listed Artisan Acquisition Corp. The deal values Prenetics at around $1.3bn, not unreasonable considering its forecast 2021 revenues of $205m. Once public the group, whose claim to fame is supplying the Covid-19 tests used by the UK’s Premier League, has ambitions to expand into the US via M&A. Looking at the other end of the Spac process, seven companies have closed their deals and now enjoy stock market listings. But their performance has been decidedly mixed. Vicarious Surgical’s 50% rise reflects the high hopes for new entrants into the fast growing robotic surgical space, whereas the baby-monitoring tech company Owlet crashed 26% on August 25 when several of its backers, including its Spac’s sponsor, Sandbridge Capital, registered to sell their shares. 

Health tech Spac deals announced in Q3
Target Spac (main backer)  Focus Date announced
Prenetics  Artisan Acquisition (Artisan) Diagnostics and genomics Sep 15
Memic Innovative Surgery Medtech Acquisition Corp (Medtech Acquisition Sponsor) Robotic surgery Aug 13
Gelesis Capstar Special Purpose Acquisition Corp (Capstar Partners and Pimco) Gastrointestinal Jul 19
Heartflow Longview Acquisition Corp II (Glenview Capital Management) Cardiovascular Jul 15
Hyperfine and Liminal Sciences Healthcor Catalio Acquisition Corp (Healthcor Management and Catalio Capital Management) Imaging/patient monitoring Jul 8
Source: company releases.

 

Health tech Spac deals closed in Q3
Target Spac (main backer)  Focus Closing date Share price change*
LumiraDx CA Healthcare Acquisition Corp (Covington Associates and Pleasant Bay Capital Partners) Diagnostics Sep 28 (9%)
Vicarious Surgical D8 Holdings Corp
(D8 Sponsor)
Robotic surgery Sep 20 50%
Somalogic  CM Life Sciences II (Casdin Capital and Corvex Management) Proteomics Sep 1 24%
Humacyte Alpha Healthcare Acquisition Corp (AHAC Sponsor) Bioengineered vascular grafts Aug 26 16%
Sema4 CM Life Sciences (Casdin Capital and Corvex Management) Genomics Jul 23 (24%)
Owlet  Sandbridge Acquisition Corp (Sandbridge Capital and Pimco) Digital health  Jul 16 (44%)
Sharecare Falcon Capital Acquisition Corp (Falcon Equity Investors) Telehealth Jul 2 (18%)
*Share price change calculated from $10, the price at which Spacs IPO, to July 30. Source: company releases.     

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