Senior Connect Acquisition Corp. I (NASDAQ:SNRH) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with precision medicine company Avellino Lab USA, Inc.
Under the terms of the LOI, the parties would become a combined entity, with Avellino’s existing equityholders exchanging their shares in Avellino for equity in the combined company. Although details on the proposed merger remain limited, Senior Connect expects to disclose further information on the deal once a definitive agreement is executed, which is expected to occur early in the first quarter of 2023.
Avellino is a genetics-based diagnostics and research company that is focused on advancing precision health using machine learning to unlock the potential for research, development and commercialization of diagnostics and therapeutics. Avellino’s main business is the aggregation, curation, and analysis of genetic data to provide solutions for early detection of disease states in the areas of ophthalmology, oncology and infectious disease.
The precision medicine company has a strong track record of diagnosing genetic conditions, initially focused on corneal dystrophies and other inherited diseases in ophthalmology. In addition to its expertise in ophthalmology, Avellino is developing a non-invasive early cancer diagnostic that is derived from whole blood, saliva or tissue samples.
This announcement comes days before the SPAC’s extension vote on December 9. Senior Connect likely hopes that the prospect of a specific deal waiting in the wings will keep a few more shareholders around at its vote to at least see and hear more. But, since this deal is not at the “definitive agreement” stage, but a non-binding LOI, SPACInsider will not consider this deal fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.
Senior Connect announced the pricing of its upsized $360 million IPO about two years ago in December 2020, and initially intended to combine with a target focused on senior health and living. The SPAC is led by CEO and Chairman Richard T. Burke alongside President and Director Isaac Applbaum, CFO and Director Ryan Burke and EVP of M&A Steven Schwartz.
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