Healthwell Acquisition I, a blank check company targeting technology-enabled healthcare businesses, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Certain anchor investors had indicated on an aggregate 99% of units in the offering. The company may raise an additional $40 million at the closing of an acquisition pursuant to a forward purchase agreement with sponsor member Peterson Partners.
The company is led by CEO and Director Alyssa Rapp, who is Managing Partner of AJR Ventures and the former CEO of Surgical Solutions; Co-Chairman Curtis Feeny, who is a Senior Advisor to Peterson Partners; and Co-Chairman George Hornig, former Senior Managing Director and Global COO of PineBridge Investments. The company plans to target technology-enabled businesses across the entire healthcare industry, focusing on those with enterprise values between $750 million and $1 billion.
Healthwell Acquisition I plans to list on the Nasdaq under the symbol HWELU. Jefferies acted as sole bookrunner on the deal.
