Pear Therapeutics To Go Public in a $1.6 Billion SPAC Deal

Pear Therapeutics, a prescription digital therapeutics (PDTs) company delivering solutions for patients, clinicians, and payers, entered into a definitive business combination agreement with Thimble Point Acquisition Corp., a special purpose acquisition company (SPAC).

The deal reflects a pro forma equity value of approximately $1.6 billion. Under the business combination, the combined company is expected to have approximately $450 million of net cash on its balance sheet upon closing the transaction.

According to the agreement, upon closing the transaction, the combined company will be named Pear Holdings Corp. and will be led by Pear’s current management team. The company’s common stock is expected to be listed on Nasdaq under the new ticker symbol “PEAR.”

Founded in 2013, Pear Therapeutics intends to leverage its biopharmaceutical, MedTech, and technology expertise to create transformational products for patients and scale their delivery to global markets. Pear’s PDT engine enables the discovery, development, and commercialization of PDTs at scale.

Elon Boms, Chief Executive Officer and Chairman of Thimble Point Acquisition Corp. and Managing Director of PVFO, commented: “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. 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. 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”, said Kirthiga Reddy, Partner at SoftBank Investment Advisers.

Recently, British telehealth company Babylon has agreed to go public in the United States via a merger deal with Alkuri Global Acquisition Corp (Alkuri Global), a special purpose acquisition company led by former Groupon chief Rich Williams.