HeartFlow, the California-based health technology company focused on cardiac care, has entered into a definitive business agreement to merge with Longview Acquisition Corp. II and form a publicly traded company.
Once the transaction is finalized, the combined entity will go by the name HeartFlow Group and be listed on the New York Stock Exchange as “HFLO.” The new-look company will also gain an estimated $400 million in cash as a result of the deal—funds expected to go toward growth, product development and corporate investments.
The deal values HeartFlow at an initial pro forma value of approximately $2.4 billion.
HeartFlow, first founded eleven years ago, is known for its efforts in the worlds of cardiac imaging, AI and patient care. HeartFlow FFRCT, the company’s core offering, is used to evaluate symptomatic patients with coronary artery disease (CAD).
Longview, meanwhile, is a special purpose acquisition company (SPAC) sponsored by Glenview Capital Management. Glenview’s first SPAC, Longview Acquisition Corp. I, recently completed a similar deal with point-of-care ultrasound manufacturer Butterfly Network.
“We believe that our non-invasive, AI-enabled, cloud-based enterprise software solution can transform cardiovascular care with risk assessment, diagnosis planning and treatment management,” John H. Stevens, MD, president, CEO and co-founder of HeartFlow, said in a prepared statement. “Importantly, we have brought together a talented group of individuals with deep expertise in technology, cardiovascular medicine, and the business of healthcare and a deep commitment to patients to deliver on this vision. I’m incredibly proud of the HeartFlow team in reaching this important milestone.”
“The HeartFlow team is dedicated to providing heart disease patients the best possible care and democratizing access to this incredible technology,” added William C. Weldon, chairman of the HeartFlow board of directors. “This partnership with Longview and the company’s existing investors will propel HeartFlow to further assist physicians in diagnosing, managing and delivering precision care to patients with CAD.”