Israel-based Alpha Tau Medical Limited, the developer of a pioneering alpha-radiation cancer therapy, and Healthcare Capital today announced they have entered into a definitive business combination agreement that values the combined enterprise at $1 billion.
The transaction is expected to provide up to $367 million in gross proceeds, including up to $275 million of cash held in Healthcare Capital’s trust account and a $92 million PIPE.
The PIPE is anchored by a combination of healthcare-focused financial and strategic investors including Yozma Investment, Grand Decade Developments (an affiliate of China Grand Pharmaceutical and Healthcare Holdings), as well as other leading technology investors including OurCrowd, Regah Ventures and the co-founders of Apax Partners, Alan Patricof and Sir Ronald Cohen. Medison Group, an early supporter of Alpha Tau and global pharma company is also an investor in the PIPE.
After giving effect to the transaction (and assuming no redemptions by public shareholders), Alpha Tau is expected to have approximately $362 million of cash on the balance sheet. Read more.
