Gastric balloon maker to go public via a SPAC run by former Medtronic CEO

Dow Jones2023-02-09

MW Gastric balloon maker to go public via a SPAC run by former Medtronic CEO

Allurion Technologies Inc., which makes a gastric balloon that can be used for weight loss, plans to go public through an agreement with Compute Health Acquisition Corp. $(CPUH)$, a special purpose acquisition company run by former Medtronic $(MDT)$ CEO Omar Ishrak. The combined company will trade under the new ticker, ALUR, and the proposed deal includes a financing agreement with RTW Investments. Allurion said it has treated more than 100,000 patients worldwide with its technology and an accompanying behavior change program, with one study finding that patients lost about 14% of their body weight. The company had $64 million in revenue in 2022, up from $38 million in 2021. Once the deal closes, Allurion will have a pro forma enterprise value of $500 million, and it will receive $87 million in gross cash proceeds. The deal is expected to close in the first half of the year.

-Jaimy Lee

(END) Dow Jones Newswires

February 09, 2023 08:57 ET (13:57 GMT)

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

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The deal is expected to close in the first half of the year. \n</p>\n<p>\n  -Jaimy Lee \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  February 09, 2023 08:57 ET (13:57 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gastric balloon maker to go public via a SPAC run by former Medtronic CEO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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