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Healthcare SPAC Montes Archimedes Acquisition files for $500M IPO

September 15, 2020

A blank check company formed by Patient Square Capital, Montes Archimedes Acquisition (MAACU) to raise up to $500M by offering 50M units at $10/unit.

Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company plans to target the entire health care industry, including tech-enabled services, biopharmas, pharmaceutical value chain, medical devices, diagnostics, providers, digital health, and consumer health.

According to the Center for Medicare and Medicaid Services, total U.S. national health expenditure was projected to exceed $3.5T in 2019, and total health care spending is projected to grow at a 5.5% CAGR through 2027, approaching approximately 20% of total U.S. Gross Domestic Product. This pace of growth is projected to continue over the years to come, driven by favorable trends including an aging population, increased prevalence of chronic disease and improved access to health care.

Patient Square Capital LP, has agreed to purchase 12M warrants (or 13.5M warrants if the underwriters’ over-allotment option is exercised in full), each exercisable to purchase one share of Class A common stock at $11.50/share, at a price of $1/warrant in a private placement.

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