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Healthcare SPAC Isleworth Healthcare Acquisition files for a $150 million IPO

January 21, 2021

Isleworth Healthcare Acquisition, a blank check company targeting healthcare innovation, filed on Thursday with the SEC to raise up to $150 million in an initial public offering.

The St. Petersburg, FL-based company plans to raise $150 million by offering 15 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Isleworth Healthcare Acquisition would command a market value of $190 million.

The company is led by Chairman Allen Weiss, who has been a Partner at Apollo Capital Management since 2011 and previously served as President of World Wide Operations for Walt Disney Parks and Resorts. He is joined by CEO and Director Robert Whitehead, who previously co-founded and helmed Sprout Pharmaceuticals and Slate Pharmaceuticals, and CFO and Director Dan Halvorson, who previously served as CFO of Brain Corporation and Ingenu prior to that. 

Isleworth Healthcare Acquisition intends to pursue prospective targets that are focused on healthcare innovation, with a particular focus on companies domiciled in North America, Europe, and Asia that are developing assets in the biopharmaceutical and, medical technology/medical device space, which aligns with the management team’s experience in operating healthcare companies and in drug and device/technology development.

Isleworth Healthcare Acquisition was founded in 2020 and plans to list on the Nasdaq, but has not selected a symbol yet (RC ticker: IHAU.RC). I-Bankers Securities is the sole bookrunner on the deal.