HeartFlow and a special purpose acquisition company called Longview Acquisition Corp. have called off merger plans that would have taken the cardiac test company public.
HeartFlow, in a news release out this evening, described the move as a mutual decision — a “result of current unfavorable market conditions.”
Stock markets in the U.S. have been on a rollercoaster in recent weeks amid inflation worries, expectations of a resulting Fed rate hike, tough earnings reports for social media companies such as Meta (formerly Facebook), ongoing COVID-19 and supply chain woes, and more. (There’s also good news: U.S. jobs and wages are rising rapidly.)
When HeartFlow and Longview announced the SPAC deal plans in July 2021, the merger was valued at $2.4 billion, plus an estimated $400 million in cash after closing.
HeartFlow officials said at the time that the $599 million of gross proceeds from the deal would enable it to accelerate the growth of its noninvasive, personalized cardiac tests.
The company’s non-invasive HeartFlow FFRCT analysis uses artificial intelligence to create a personalized three-dimensional heart model. It’s commercially available in the United States, U.K., Canada, Europe and Japan.
Longview was sponsored by affiliates of Glenview Capital Management.
