Avertix Medical (fka Angel Medical Systems) and BioPlus Acquisition today announced a definitive merger agreement at an enterprise value of $195 million.
Avertix is a medical implant company focused on improving long-term management and outcomes of high-risk coronary disease in patients who have survived one or more heart attacks.
If approved, the deal is expected to close in the second half of 2023. Avertix would list on the Nasdaq under the ticker symbol AVRT.
Assuming no redemptions by BioPlus public shareholders, Avertix plans to retain up to approximately $239 million of cash held in the trust account on its balance sheet. At closing, BioPlus shareholders are expected to own approximately 50% of the outstanding shares of the combined company, with existing Avertix shareholders owning approximately 29%.
The SPAc’s December 2021 IPO raised $200 million. Read more.
