srm4u
4 years ago
Longview Acquisition (LGVW)
Robbins’s Longview Tapped by Ultrasound Startup for SPAC
By Bailey Lipschultz
November 20, 2020, 5:00 AM MST Updated on November 20, 2020, 7:46 AM MST
The merger will unite a who’s-who list of investors ranging from Butterfly backers like Baillie Gifford and the Bill and Melinda Gates Foundation with Robbins’s Glenview Capital Management. Robbins will join the company’s board with Longview and its affiliates expected to own 7.6% of the company.
A Gates Foundation-backed maker of a pocket-sized ultrasound device that can plug into a smartphone is going public through a reverse merger with Larry Robbins’s Longview Acquisition Corp. in a deal that values the company at $1.5 billion.
The transaction is expected to provide Butterfly Network Inc. with more than $580 million in cash, including up to $414 million held in Longview’s trust, assuming early investors choose not to redeem. The capital is expected to help ramp up sales of its Butterfly iQ, the hand-held ultrasound device that costs roughly $2,000. Butterfly, which has been selling the device for two years, says the deal will help accelerate sales around the world.
https://www.bloomberg.com/news/articles/2020-11-20/robbins-s-longview-tapped-by-ultrasound-startup-for-spac-merger
srm4u
4 years ago
Why Longview Acquisition Stock Popped Today
A prominent fund manager has initiated a position in the special purpose acquisition company.
Nov 24, 2020 at 2:13PM
What happened
Shares of Longview Acquisition (NYSE:LGVW) have popped today, up by 16% as of 1:15 p.m. EST, after ARK Invest bought approximately 460,000 shares for its Ark Genomic Revolution ETF (NYSEMKT:ARKG). Longview Acquisition is a special purpose acquisition company (SPAC) that recently announced that it is merging with Butterfly Network, which makes a portable ultrasound device and accompanying app.
Now what
Along with the merger, Longview is looking to raise an additional $175 million from investors as part of a private investment in public equity (PIPE) deal. Longview currently has $414 million in cash. Butterfly is attempting to disrupt an $8 billion addressable market with its ultrasound technology platform, which will provide low-cost medical imaging.
The merger is expected to close in the first quarter of 2021.
https://www.fool.com/investing/2020/11/24/why-longview-acquisition-stock-popped-today/
https://www.forbes.com/sites/jamessomauroo/2019/09/27/butterfly-a-125-billion-heathtech-company-launches-new-ultrasound-technology-in-the-uk/?sh=7662721da3f0
srm4u
4 years ago
We’re here to help you jump-start your practice with 3 simple steps.
Step 1
Learn the basics of lung ultrasound with free tutorials
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Step 2
Monitor COVID-19 patients with a few simple scans
Our onsite ultrasound can be utilized in primary care settings, decreasing the need for patients to be transported to a hospital or imaging center. This can reduce risk of additional exposure to healthcare staff and can increase the availability of hospital resources necessary for the most critically ill patients.
Step 3
Use approved CPT codes for appropriate ultrasound indications
Now it just becomes part of your workflow. We’ve made it easy to store your images, easy to upload, and easier to bill.
https://www.butterflynetwork.com/in-office-ultrasound
@LaughinPaulRyan
4 years ago
About Butterfly Network
Founded by Dr. Jonathan Rothberg in 2011 and led by CEO Laurent Faracci, Butterfly has created the world's first handheld, single-probe whole-body ultrasound system, Butterfly iQ, to make ultrasound technology more universally accessible and affordable. Butterfly Network's mission is to enable universal access to superior medical imaging, making high quality ultrasound affordable, easy-to-use, globally accessible and intelligently connected, including for the 4.7 billion people around the world lacking access to ultrasound. Through its proprietary Ultrasound-On-Chip™ technology, Butterfly Network is paving the way for earlier detection and remote management of health conditions around the world. The Butterfly iQ+ can be purchased online today by healthcare practitioners in the United States, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the United Kingdom.
About Longview Acquisition Corp.
Longview was formed to partner with high-quality, growing companies to facilitate their successful entry to the public markets. Longview is sponsored by an affiliate of Glenview Capital Management, a registered investment adviser with a track record of creating value through constructive partnerships with companies operating in the public markets.
@LaughinPaulRyan
4 years ago
Butterfly iQ was launched commercially in 2018, and in 2020, the Company launched the Butterfly iQ+ with additional features and improved performance. Since introduction, more than 30,000 Butterfly iQ and iQ+ devices have shipped to medical professionals globally. The Company has sold to or has agreements in place with the majority of the largest 100 hospitals in the United States, and has built a strong brand among healthcare professionals, achieving an exceptional Net Promoter Score of 71 (USA). Butterfly iQ is commercially available in more than 20 countries including the United States, Canada, greater Europe and Australia.
@LaughinPaulRyan
4 years ago
- Butterfly Network's mission is to enable universal access to superior medical imaging, making high quality ultrasound affordable, easy-to-use, globally accessible and intelligently connected.
- Butterfly iQ is the only ultrasound transducer that can perform "whole-body imaging" with a single handheld probe using semiconductor technology. Connected to a mobile phone or tablet, it is powered by Butterfly's proprietary Ultrasound-on-Chip™ technology and harnesses the advantages of AI to deliver advanced imaging that we believe is easy-to-use, improves patient outcomes and lowers cost of care.
- This transaction is expected to drive further adoption of Butterfly Network's breakthrough solutions and accelerate its future pipeline of innovative technologies.
- The Pro Forma enterprise value of the merger is $1.5 billion, with the combined company expected to have an estimated $584 million in cash after closing.
- Founder Dr. Jonathan Rothberg to become Chairman of the combined company and will be Butterfly's largest controlling shareholder.
- 100% of the equity of existing Butterfly Network investors, including Baillie Gifford, The Bill and Melinda Gates Foundation and Fosun Industrial Co., Limited, will convert into shares of the combined company. There will be no selling stockholders in the transaction.
- Longview is an affiliate of leading healthcare investment firm Glenview Capital Management, which is expected to own, along with its affiliates, 7.6% of the combined company's outstanding shares at closing. Longview Chair and Glenview CEO, Larry Robbins, will join the Board of the combined company. Leading institutional investors including Eldridge, Fidelity Management & Research Company LLC, Glenview, Ridgeback, Tenet Healthcare Corporation, UPMC Enterprises and Wellington Management have anchored a $175 million PIPE at $10 per share.
- The business combination is expected to be completed by the end of the first quarter of 2021, and the combined company will be listed on the NYSE under ticker symbol "BFLY."
- A webcast to present the proposed transaction is available on www.butterflynetwork.com/investors.
@LaughinPaulRyan
4 years ago
GUILFORD, Conn. and NEW YORK, Nov. 20, 2020 /PRNewswire/ -- Butterfly Network, Inc. ("Butterfly" or the "Company"), an innovative digital health company that is working to enable universal access to superior medical imaging, and Longview Acquisition Corp. (NYSE: LGVW.U, LGVW, LGVW WS) ("Longview"), a special purpose acquisition company sponsored by Glenview Capital Management, LLC ("Glenview"), announced today that they have entered into a definitive business combination agreement. Upon closing, the combined company's Class A common stock is expected to be traded on the New York Stock Exchange ("NYSE") under the symbol "BFLY."