Weight loss device company Allurion Technologies to go public via Compute Health
Allurion Technologies, a US-based weight loss device company, has signed a definitive business combination agreement with Compute Health Acquisition, a special purpose acquisition company (SPAC), to become publicly listed.
Post-closing, the combined entity, with a $500 million enterprise value, will be named Allurion Technologies, Inc. and is anticipated to list on the New York Stock Exchange (NYSE).
Under the terms of the agreement, the combined entity will issue an aggregate of 37.8 million shares to Allurion Technologies equity holders, post-closing.
In addition, the weight loss device company will receive a minimum cash condition of $70 million, net of certain expenses, and minimum gross cash proceeds of $87 million.
Allurion Technologies has developed the Allurion Gastric Balloon and the Allurion Virtual Care Suite for its Allurion Program that treated more than 100,000 patients so far in more than 50 countries across six continents.
Dr Shantanu Gaur — Allurion Technologies Co-Founder and CEO said: “This transaction is an important milestone for the Company.
“With over 100,000 patients treated and counting, we have our sights set on touching the lives of the two billion people globally who are overweight.
“By combining our revolutionary Allurion Balloon with a digital platform and behavior change program, we have created the world’s first and only full-stack weight loss platform.
“We look forward to investing this capital to fulfill our mission.”
The Allurion Program, a weight loss platform, combines the Allurion Gastric Balloon, a swallowable, procedure-less gastric balloon for weight loss, and digital therapeutic and remote patient monitoring solution — Allurion Virtual Care Suite including the Allurion Mobile App for consumers, Allurion Insights for health care providers featuring the Iris AI Platform, and the Allurion Connected Scale and Health Tracker devices.
Allurion Technologies had $20 million, $38 million, and $64 million in revenues for 2020, 2021, and 2022, respectively.
The close of the transaction is expected in the first half of 2023.