Allurion to Go Public Via Deal With Former Medtronic CEO's SPAC

Dow Jones2023-02-09

By Will Feuer

Weight-loss-device-maker Allurion Technologies Inc. has agreed to go public through a merger with Compute Health Acquisition Corp., a special-purpose acquisition company backed by the former chief executive officer of Medtronic PLC.

Allurion makes a swallowable, procedure-less intragastric balloon for weight loss and provides other services to help patients lose weight. The company reported revenue in 2020, 2021 and 2022 of $20 million, $38 million and $64 million, respectively.

"We see Allurion as a breakthrough platform addressing and solving one of the largest unmet medical needs in the world," said Omar Ishrak, the former CEO of Medtronic and current chairman of Compute Health, the SPAC.

The company said the SPAC merger also includes additional equity investments from Mr. Ishrak as well as Jeff Immelt, the former CEO of General Electric Co. The deal assumes a $500 million enterprise value of the combined company.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

February 09, 2023 08:48 ET (13:48 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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