Accelus announced that it entered into a definitive business combination agreement with CHP Merger Corp. worth approximately $482 million.
Upon the closing of the agreement — expected for early 2022 — CHP Merger Corp., a special purpose acquisition company (SPAC), will be renamed Accelus.
Accelus co-founder and CEO Chris Walsh, formerly of Stryker and NuVasive, will become the CEO of the combined company.
According to a news release, CHP Chair Joseph Swedish, formerly of Anthem, Trinity Health, Centura and HCA Healthcare, and Alex Lukianov, who previously worked at NuVasive, BackCare Group, Smith+Nephew and Medtronic, will join the newly combined company’s board of directors.
Palm Beach Gardens, Florida-based Accelus is a commercial-stage medtech company aiming to accelerate the adoption of minimally invasive surgery as the standard of care in the spinal space, with a portfolio of spinal implants using its Adaptive Geometry Technology and a compact precision robotics platform.
“We believe our highly differentiated, high-margin product portfolio has the power to drive broad adoption of robotics and minimally invasive techniques in spinal care, both in hospitals and ASCs, by addressing critical constraints related to cost and efficiency,” Walsh said in the release. “Our products can uniquely meet demand across broad market segments with adaptable solutions to cover each surgeon’s preferred approach and each healthcare facility’s space and budget limitations, embodying our principle of access without compromise.
“This transaction stands to significantly accelerate our commercial efforts and to transform spinal surgery with MIS approaches.”