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Home » HeartFlow SPAC deal is called off

HeartFlow SPAC deal is called off

February 4, 2022 By Chris Newmarker

HeartFlowHeartFlow 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.

 

Filed Under: Business/Financial News, Cardiovascular, Featured, Health Technology, Mergers & Acquisitions, News Well, Software / IT, Wall Street Beat Tagged With: HeartFlow, Longview Acquisition Corp.

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About Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at [email protected].

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