Weight Loss Device Maker Reportedly Nears Deal with Medtronic Ex-CEO’s SPAC
Weight Loss Equipment Manufacturer Allurion Technologies Is about to merge with a blank check company backed by the predecessor, resulting in a public transaction Medtronic Chairman and Chief Executive Officer Omar Ishrakaccording to informed sources.
merged with Computing Health Acquisition Company Including debt, the combined company is expected to be valued at about $500 million, the people said, speaking on condition of anonymity to discuss confidential information.
Special purpose acquisition company (SPAC) led by hedge fund manager Ishrak Joshua Funkwho is the son blackrockof larry funkand Medtronic executive Jean Nem.
Allurion sells a stomach balloon that you can swallow to help people lose weight. The company had $64 million in revenue last year.
The transaction included a private investment in public equity, or PIPE, by RTW investment and integrated royalty financing.It also includes Fortress Investment Group and $100 million in equity financing Chardan Capital Markets. Ishrak and predecessors General Electric Company CEO Jeff Immelt They are also investors in PIPE, the people said.
As of 2020, Ishrak, who served as CEO and chairman of Medtronic for about nine years, resigned as chairman of Medtronic Intel Corporation in January, but remains an independent director of the chipmaker.