Custom Health and Berenson Acquisition I today announced a business combination agreement at a $185 million pre-money equity value.
Custom Health provides a comprehensive technology-enabled medication management and managed care solution, resulting in 98% medication adherence for its patients across the United States and Canada, according to a press release announcing the merger agreement. The company is focused on serving poly-med patients with chronic conditions, representing an estimated market of 78 million adults in North America. These patients take multiple medications several times throughout the day and often struggle to adhere to their prescription regimen, the company said, presenting a significant challenge and cost to the North American healthcare system estimated to be $550 billion per year.
The deal is expected to provide the combined company with the cash remaining in the SPAC’s trust after any redemptions and potentially additional financing under consideration, the parties said.
The SPAC originally raised $275 million in an October 2021 IPO with plans to focus on businesses operating in the software and technology-enabled services industry.
Cohen & Company Capital Markets served as exclusive financial advisor, capital markets advisor and placement agent to Berenson I. DLA Piper is legal counsel to Custom Health. Greenberg Traurig served as legal counsel to the SPAC. Read more.
