Compute Health (NYSE:CPUH) announced this afternoon that it has completed its combination with weight-loss medtech firm Allurion.
The deal, approved by stockholders on July 28, provides Allurion with access to capital that will fuel its growth initiatives.
Net proceeds from the transaction amount to approximately $100 million, surpassing the deal’s minimum cash closing condition of $70 million. These proceeds are comprised of various components, including a PIPE led by RTW Investments, equity investments from Medtronic and former Medtronic CEO and Chairman, Omar Ishrak.
Additionally, certain entities that have engaged RTW Investments as investment manager have provided non-dilutive, synthetic royalty financing, and an affiliate of Fortress Investment Group has contributed a senior secured term loan. The transaction is further supported by Allurion’s $100 million equity facility with Chardan Capital Markets, which can be utilized at Allurion’s discretion.
The combined company is set to begin trading its common stock and public warrants on the NYSE under the new ticker symbols “ALUR” and “ALUR WS,” respectively, starting tomorrow, August 2.
Compute Health inked its $500 million business combination with Allurion earlier this year in February. Natick, Massachusetts-based Allurion makes a swallowable balloon that inflates in patients’ stomachs to reduce space for incoming food for weight loss purposes while serving as an IoT tracker of certain health metrics.
Following the business combination, Allurion will continue to be led by its Co-Founder and CEO Shantanu Gaur.
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