Hormone therapy company BioTE to go public in $737m SPAC deal

BioTE Holdings, a US-based hormone therapy company, has agreed to merge with blank check company Haymaker Acquisition Corp. III in a deal that values the combined company at around $737 million.

The merger with the special acquisition company (SPAC) will enable BioTE to go public with a listing expected on Nasdaq under the BTMD ticker.

Steven J. Heyer — CEO of Haymaker Acquisition Corp. III said: “I am personally thrilled to partner with Biote management on their emergence as a public company. Biote has built a unique and strong business model, with tremendous white space, recurring revenue, and high cash flow.

“This is one of the best business models I have seen.”

Founded in 2012, BioTE is a practice-building company that has built a bioidentical hormone replacement optimization platform along with complementary nutraceutical business.

BioTE’s end-to-end platform gives practitioners medical education, practice management software, training and certification, and digital and point-of-care marketing support. Practitioners, certified by the company, offer personalized hormone replacement therapy to alleviate the symptoms of hormonal imbalance.

The hormone therapy company is said to have a network of 4,700 practitioners in the US.

Terry Weber — CEO of Biote said: “Biote has a huge opportunity to enable physicians to help this highly underserved patient population take greater control of their health. Biote is committed to educating and empowering providers to effectively treat patients and help them understand the critical role that hormones play in healthy aging.

“We welcome Haymaker as partners and look forward to the role our status as a public company will play in increasing access to, and awareness of, our leading hormone therapy practice-building business.”

The combined company, post-merger, is expected to have nearly $195 million in cash, after the payment of deal expenses and distributions to Biote members. This is derived from Haymaker Acquisition Corp. III’s $317.5 million of cash held in its trust.

Through the proceeds, Biote is expected to further grow its commercial operational presence to support accelerated growth and clinical research and product development.

The merger deal, which is subject to approval by Haymaker Acquisition Corp. III’s stockholders and other customary closing conditions, is anticipated to close in the first half of 2022.