Another week, another SPAC deal. Pear Therapeutics, Inc., a leader in prescription digital therapeutics (PDTs), has announced it is merging with Thimble Point Acquisition Corp. (NASDAQ: THMA), a special purpose acquisition company managed by the Pritzker Vlock Family Office.
Pear develops clinically validated software-based therapeutics to provide better outcomes for patients, smarter engagement and tracking tools for clinicians, and cost-effective solutions for payers. The combined business is expected to have a pro forma equity value of approximately $1.6 billion.
The new company, Pear Holding Corp., secured a $125 million PIPE from investors including 5AM Ventures, Arboretum Ventures, Blue Water Science Advisors, LLC, dRx Capital (Novartis Pharma AG), The Eleven Fund, FORTH Management, Health Innovation Capital (HIC), JAZZ Venture Partners, a leading integrated delivery network, Neuberger Berman funds, Palantir, Pilot House, Pritzker Vlock Family Office, QUAD Investment Management, Sarissa Capital, Shanda Group, SoftBank Vision Fund 2, Temasek, and Trustbridge Partners.
The combined company is expected to have approximately $450 million of net cash on its balance sheet upon the closing of the transaction, from a mix of cash on its balance sheet and money raised from a PIPE.
The merger provides additional investment to capitalize on Pear’s category leading position by investing in the commercialization of Pear’s three FDA-authorized products, advancing Pear’s pipeline of product candidates, and scaling its end-to-end platform to host PDTs across a wide range of therapeutic areas.
Pear Holdings Corp. will be led by Pear’s current management team and is expected to be listed on NASDAQ under the ticker symbol “PEAR.”
