• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Opinions
    • Top 30
    • Research
    • Supply Chain
    • Device Sectors
    • Directory
    • Events
    • Resources
    • Microsites
    • More
  • Magazine
  • News
  • Opinions
  • Top 30
  • Research
  • Supply Chain
  • Device Sectors
  • Directory
  • Events
  • Resources
  • Microsites
  • Current / Back Issues
    Features
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Reprints
    Subscribe Now
    Advertise Now
    Top Features
    Superior Subtractive Solutions for Machining Medtech

    Assembly & Automation Experts Share Thoughts on Medtech Trends

    Power Trip: A Discussion of Custom Medical Electronics

    The MDR Transition: An Opportunity for Design Change?

    Preserve and Protect: Sustainability Initiatives for Medtech Manufacturing
    OEM News
    Supplier News
    Service / Press Releases
    Online Exclusives
    Press Releases
    People in the News
    Product & Service Releases
    Supplier News
    Medtech Makers
    Technical Features
    International News
    Videos
    Product & Service Releases
    Live From Shows
    Regulatory
    Financial/Business
    Top News
    Beckman Coulter Helping Labs Comply With Annex 1 Regulation

    FDA Clears MeMed BV Direct From Whole Blood

    Biostrap Debuts Tool to Measure Stress Resilience, Heart Rate Variability

    EndoTheia Announces Positive Study Results for Endoscopic Surgery Device

    Abbott Completes Acquisition of Bigfoot Biomedical
    From the Editor
    Blogs
    Guest Opinions
    Top Opinions
    Superior Subtractive Solutions for Machining Medtech

    Assembly & Automation Experts Share Thoughts on Medtech Trends

    Power Trip: A Discussion of Custom Medical Electronics

    The MDR Transition: An Opportunity for Design Change?

    Preserve and Protect: Sustainability Initiatives for Medtech Manufacturing
    Top 30 Medical Device Companies
    Market Data
    White Papers
    Top Research
    Medtech’s Most Powerful M&A Drivers

    The Link Between Medtech and Connected Medical Devices

    Is the FTC Partly Responsible for Muted M&A Activity?

    Holistic Risk Management: Navigating the Future’s Uncertainties

    Defining End of Life for Medical Devices
    3D/Additive Manufacturing
    Contract Manufacturing
    Electronics
    Machining & Laser Processing
    Materials
    Molding
    Packaging & Sterilization
    R&D & Design
    Software & IT
    Testing
    Tubing & Extrusion
    Cardiovascular
    Diagnostics
    Digital Health
    Neurological
    Patient Monitoring
    Surgical
    Orthopedics
    All Companies
    Categories
    Company Capabilities
    Add New Company
    Outsourcing Directory
    Halkey-Roberts Corporation

    Arthur G. Russell Co. Inc., The

    Cirtec Medical

    Providence Enterprise USA Inc.

    Medbio LLC
    MPO Summit
    Industry Events
    Webinars
    Live From Show Event
    Industry Associations
    Videos
    Career Central
    eBook
    Slideshows
    Top Resources
    A One-Stop-Shop, Turnkey Solution Is Paramount for Success

    How Additive and Subtractive Manufacturing Are Revolutionizing the Medical Device Industry

    Medical Device Commercialization: It’s What, Not When, to Transfer to Manufacturing

    How In Silico Simulations Can Slash Medical Device Development Risk

    The Top 7 AI Applications Transforming Medical Device Manufacturing
    Companies
    News Releases
    Product Releases
    Press Releases
    Product Spec Sheets
    Service Releases
    Case Studies
    White Papers
    Brochures
    Videos
    Outsourcing Directory
    Halkey-Roberts Corporation

    Arthur G. Russell Co. Inc., The

    Cirtec Medical

    Providence Enterprise USA Inc.

    Medbio LLC
    • Magazine
      • Current/Back Issues
      • Features
      • Editorial
      • Columns
      • Digital Editions
      • Subscribe Now
      • Advertise Now
    • News
    • Directory
      • All Companies
      • ALL CATEGORIES
      • Industry Associations
      • Company Capabilities
      • Add Your Company
    • Supply Chain
      • 3D/Additive Manufacturing
      • Contract Manufacturing
      • Electronics
      • Machining & Laser Processing
      • Materials
      • Molding
      • Packaging & Sterilization
      • R&D & Design
      • Software & IT
      • Testing
      • Tubing & Extrusion
    • Device Sectors
      • Cardiovascular
      • Diagnostics
      • Digital Health
      • Neurological
      • Patient Monitoring
      • Surgical
      • Orthopedics
    • Top 30 Company Report
    • Expert Insights
    • Slideshows
    • Videos
    • eBook
    • Resources
    • Podcasts
    • Infographics
    • Whitepapers
    • Research
      • White Papers
      • Case Studies
      • Product Spec Sheets
      • Market Data
    • MPO Summit
    • Events
      • Industry Events
      • Live From Show Events
      • Webinars
    • Microsite
      • Companies
      • Product Releases
      • Product Spec Sheets
      • Services
      • White Papers / Tech Papers
      • Press Releases
      • Videos
      • Literature / Brochures
      • Case Studies
    • About Us
      • About Us
      • Contact Us
      • Advertise with Us
      • eNewsletter Archive
      • Privacy Policy
      • Terms of Use
    Breaking News

    Pear Therapeutics to Become Public Company

    Seeks to expand its leadership position in prescription digital therapeutics.

    Pear Therapeutics to Become Public Company
    Pear Therapeutics06.23.21
    Pear Therapeutics Inc., the leader in developing and commercializing prescription digital therapeutics (PDTs) to treat serious disease, and Thimble Point Acquisition Corp., a special purpose acquisition company (SPAC) whose management team is associated with the Pritzker Vlock Family Office, today announced they have entered into a definitive business combination agreement.
     
    Pursuant to the Business Combination Agreement, upon closing of the Business Combination, the combined company will be named Pear Holdings Corp. and will be led by Pear’s current management team. The Combined Company’s common stock is expected to be listed on Nasdaq under the new ticker symbol “PEAR.”
     
    “At Pear, we set out to transform healthcare through the use of PDTs, a new class of clinically validated, software-based therapeutics that we pioneered to improve patients’ outcomes across many therapeutic areas, alone and in combination with pharmaceuticals. With our end-to-end PDT platform, we are executing on our vision to redefine how patients, clinicians and payors can better navigate and benefit from a healthcare system so in need of disruption,” said Corey McCann, M.D., Ph.D., President and Chief Executive Officer. “In our view Pear is at a commercial inflection point, with the potential for rapid expansion.  We believe this transaction will allow us to drive widespread usage of PDTs to treat major medical conditions and overcome significant barriers to patient care.”
     
    “As the category creator and leader in PDTs, Pear is at the forefront of revolutionizing healthcare. Pear’s impressive team of healthcare and technology leaders have built development, regulatory and commercial roadmaps for this new sector and have gained early market traction, creating a pathway to rapid scalability,” said Elon Boms, Chief Executive Officer and Chairman of Thimble Point Acquisition Corp. and Managing Director of PVFO. “Thimble Point sought to collaborate with a high-growth, tech-enabled company with the potential to disrupt large and established industries. We chose to invest in Pear because we believe it has the opportunity to become the primary commercial platform through which patients and prescribers access PDTs. Our growth capital comes at an inflection point for Pear, as the team works towards expected near-term value creation milestones.”
     
    “We believe prescription digital therapeutics are creating a new category of medicine with applications worldwide,” said Kirthiga Reddy, Partner at SoftBank Investment Advisers. “As the lead investor of Pear’s last private financing round, we are pleased to support the company’s mission and their journey to becoming a publicly traded company.”
     
    Pear, founded in 2013, is led by a management team that intends to leverage its biopharmaceutical, medtech, and technology expertise to create transformational products for patients and scale the delivery of them to global markets. Pear’s PDT engine enables the discovery, development and commercialization of PDTs at scale. Pear is one of nine companies invited to participate in the U.S. Food and Drug Administration’s (FDA) Precertification Pilot Program. Pear has developed and commercialized the first three FDA-authorized PDTs, has 14 product candidates, and is scaling its platform for third-party product distribution opportunities. The Company’s three FDA-authorized products, reSET, reSET-O and Somryst, address large market opportunities with more than 20 million patients suffering from substance and opioid use disorders and more than 30 million from chronic insomnia, in the U.S. alone, respectively.
     
    Like traditional medicines, PDTs are developed in a GMP-compliant environment, tested in randomized controlled trials demonstrating safety and efficacy, evaluated and authorized by regulators like the FDA, and used under the supervision of a prescribing clinician. Unlike traditional medicines, PDTs are software applications and are designed to collect real world data for use by prescribing clinicians and by payors and health systems for population health management.
     
    Summary of Business Combination
    The Business Combination values the Combined Company at a pro forma equity value of approximately $1.6 billion. Pursuant to the Business Combination, the Combined Company is expected to have approximately $450 million of net cash on its balance sheet upon the closing of the transaction. This includes approximately $400 million in gross proceeds from a combination of approximately $276 million in cash held in Thimble Point’s trust account, assuming no Thimble Point shareholders exercise their redemption rights at closing, and approximately $125 million, at $10.00 per share, from a fully committed PIPE with participation from leading healthcare and technology 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.
     
    As a result of this broad support, the PIPE offering was oversubscribed, and it was upsized from $100 million to $125 million. All existing Pear equity holders will roll the entirety of their equity holdings into the Combined Company and are expected to hold approximately 72% of the issued and outstanding equity of the Combined Company immediately following the closing.
     
    Net proceeds from the Business Combination will be used to further capitalize Pear’s category-leading position by investing in commercialization of Pear’s three FDA-authorized products, advancing Pear’s pipeline, and scaling its end-to-end platform. 
     
    The Combined Company’s board of directors will be initially comprised of seven directors, including four of Pear’s current directors plus one director designated by Thimble Point Acquisition Corp. Thimble Point’s designee is Jorge Gomez, the current CFO at Dentsply Sirona, the world’s largest manufacturer of professional dental products and technologies, and former CFO at Cardinal Health, one of the largest distributors of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities.
     
    The Business Combination was unanimously approved by each of Thimble Point’s Board of Directors and Pear’s Board of Directors, and is expected to be completed in the second half of 2021. The Business Combination will be subject to approval by Thimble Point’s shareholders and satisfaction or the waiver of the closing conditions identified in the Business Combination Agreement.
     
    Advisors
    BofA Securities and Citi are acting as financial advisors to Pear and placement agents on the PIPE Transaction. BTIG and Chardan are serving as co-advisors.  Citi and Cowen are serving as a capital markets advisors to Pear. Goodwin Procter LLP and Foley Hoag LLP are acting as legal advisors to Pear. Shearman & Sterling LLP is acting as legal advisor to the placement agents.
     
    Credit Suisse is acting as financial advisor to Thimble Point.  Sullivan & Cromwell LLP is acting as legal advisor to Thimble Point.
    Related Searches
    • Digital Health
    Related Knowledge Center
    • Digital Health
    Suggested For You
    Nissha Medical Technologies Nissha Medical Technologies
    JK Medirise-Disposable Medical Device Company JK Medirise-Disposable Medical Device Company
    Brosseau Consulting LLC Brosseau Consulting LLC
    3DT LLC 3DT LLC
    sfm medical devices GmbH sfm medical devices GmbH
    Simbex Simbex
    Hobson & Motzer Inc. Hobson & Motzer Inc.
    BMP Medical - Delivering Custom Plastics Manufactured Solutions BMP Medical - Delivering Custom Plastics Manufactured Solutions
    High Tech Turning Co. Inc. High Tech Turning Co. Inc.
    Breakthrough Device Designation Granted for New Neuromodulation Platform Breakthrough Device Designation Granted for New Neuromodulation Platform
    Hyperfine Names Paykel, Teisseyre to Executive Leadership Roles Hyperfine Names Paykel, Teisseyre to Executive Leadership Roles
    Accu-Tube Appoints Matthew Haddle as CEO Accu-Tube Appoints Matthew Haddle as CEO
    First CellFX Procedure Performed in Canada First CellFX Procedure Performed in Canada
    Turner Imaging Systems Announces International Expansion Turner Imaging Systems Announces International Expansion
    Heraeus Acquires Mo-Sci Corporation, ETS Technology Holdings Heraeus Acquires Mo-Sci Corporation, ETS Technology Holdings

    Related Buyers Guide Companies

    • Nissha Medical Technologies

      ...
      Amy Jeary, Market Development Manager 11.18.22

    • JK Medirise-Disposable Medical Device Company

      ...
      Ketan Munjani, Marketing Manager 11.17.22

    • Brosseau Consulting LLC

      ...
      Bryan Brosseau, President & Principal Consultant 11.17.22


    • 3DT LLC

      ...
      Gaye Kiel, Marketing Manager 11.17.22

    • sfm medical devices GmbH

      ...
      Albert Busch, Head of Marketing 11.11.22

    Loading, Please Wait..

    Trending
    • Diabetes Innovation: MIT Engineers Unveil Implantable Device With Oxygen Factory
    • Medtronic Obtains EU Nod For Simplera CGM
    • A New Approach To Post-Market Surveillance
    • Danaher Names New Environmental And Applied Solutions Company Veralto
    • Hologic, Bayer Team Up For Contrast-Enhanced Mammography
    Breaking News
    • Beckman Coulter Helping Labs Comply With Annex 1 Regulation
    • FDA Clears MeMed BV Direct From Whole Blood
    • Biostrap Debuts Tool to Measure Stress Resilience, Heart Rate Variability
    • EndoTheia Announces Positive Study Results for Endoscopic Surgery Device
    • Abbott Completes Acquisition of Bigfoot Biomedical
    View Breaking News >
    CURRENT ISSUE

    September 2023

    • Superior Subtractive Solutions for Machining Medtech
    • Medical Device Industry Experts' Thought on Assembly & Automation
    • Power Trip: A Discussion of Custom Medical Electronics
    • The MDR Transition: An Opportunity for Design Change?
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    GOED Releases Sustainability Report for Omega-3s Industry
    ABC’s Journal HerbalGram Celebrates 40th Anniversary
    Curcumin May Be As Effective as PPI for Indigestion
    Coatings World

    Latest Breaking News From Coatings World

    Nouryon Manufacturing Network Transitions to 100% Electricity From Renewable Sources in Brazil
    Jay Doubman Named President and CEO of ICP Group
    “MyCarbonFootprint”: BASF Launches Dashboard for Sustainable Procurement
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    Beckman Coulter Helping Labs Comply With Annex 1 Regulation
    FDA Clears MeMed BV Direct From Whole Blood
    Biostrap Debuts Tool to Measure Stress Resilience, Heart Rate Variability
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Eftilagimod Cleared for Clinical Trial Use in the UK
    Veranova Names William Sanders Global VP of Chemical Development Ops
    Chime, Panolos Partner to Advance Multi-specific Therapeutic Proteins
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    Hailey Bieber's Rhode Expands Into Makeup
    Avon Enters Retail Partnership with Superdrug
    IT Award Winners Announced at MakeUp in NY
    Happi

    Latest Breaking News From Happi

    Divi Expands in Stores at Ulta Beauty Tripling Footprint
    Huda Beauty Adds Easy Bake and Snatch Pressed Brightening and Setting Powder
    Detergent for Baby Bottles Contains an Odor Absorber
    Ink World

    Latest Breaking News From Ink World

    INKBANK Lays Foundation for Science and Technology Park
    Successful Labelexpo Europe 2023 Concludes in Brussels
    Recyclable, Deinkable Stand-Up Pouch Wins Gold
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    Flexo Wash to exhibit at FTA Fall Technical Conference
    Recyclable, deinkable stand-up pouch wins Gold in Germany
    Elkem highlights thermal protection and battery assembly products
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    Lenzing Earns EU Ecolabel at Indonesian Plant
    Albis Completes Work On Extra Wide Carding, Blending Line
    Ahlstrom Launches Nonwoven Laundry Care Product
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    Anika Releases RevoMotion Reverse Shoulder Arthroplasty System
    Exactech's Activit-E Polyethylene OK'ed for Vantage Total Ankle
    Tyber Nets Several Regulatory Nods for K-Wires, Steinmann Pins
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    HMI Specialist RAFI Acquires Xymox Technologies Inc.
    Infineon Heads EECONE European Research Project
    NXP Honored with Prestigious Automotive Awards

    Copyright © 2023 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login