- General
- October 26, 2020
- 4 minutes read
Health Execs Plan $500M SPAC
Jennifer Schneider, President, Livongo. Photo credit: TechCrunch, licensed under CC BY 2.0 A group of reputed executives from the healthcare industry along with some…
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| Jennifer Schneider, President, Livongo. Photo credit: TechCrunch, licensed under CC BY 2.0 |
A group of reputed executives from the healthcare industry along with some venture capitalists have teamed up to launch a special purpose acquisition company (SPAC) that’s looking to raise $500 million on the public markets and merge with a company from the healthcare sector. The SPAC, named Health Assurance Acquisition Corp, submitted a formal filing to go public with the U.S. Securities and Exchanges Commission (SEC) this Monday.
Health Assurance Acquisition Corp is spearheaded by six healthcare and technology veterans namely; Glen Tullman, the founder and executive chairman of virtual health company Livongo; Stephen Klasko MD, the chief executive officer of Jefferson Health; Jennifer Schneider, President of Livongo; Anita Pramoda, CEO of health analytics company Owned Outcomes and a board member at publicly-traded health-tech company Health Catalyst; and Hemant Taneja and Quentin Clark, both managing directors at venture capital firm General Catalyst.
The experience and reputation of Health Assurance Acquisition Corp’s managing team is likely one that’ll draw investors, particularly by the two executives from Livongo, which recently clinched an $18.5 billion merger agreement with rival Teladoc in what marks the biggest deal ever seen from the virtual health industry.
The aforementioned executives will lead the search for a merger target for Health Assurance Acquisition Corp, which like its name suggests is seeking a merger from the healthcare industry.
Health Assurance Acquisition Corp is seeking to raise $500 million from investors by selling 50 million share units for $10 apiece.
