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ProKidney, a therapeutic venture focused on treating chronic kidney disease, is reportedly planning to go public by entering a definitive merger agreement with Social Capital Suvretta Holdings, a special purpose acquisition company (SPAC).
The deal will value ProKidney at USD 2.64 billion and is likely to be finalized by the third quarter of this year. According to reliable sources, the IPO is expected to offer gross cash proceeds of around USD 825 million.
For those unaware, ProKidney specializes in offering disease-altering autologous cell therapy for treating CKD (chronic kidney disease). The firm’s lead product, coined as “REACT” is known to stabilize, slow, and even reverse kidney failure.
REACT operates based on cell therapy that is derived from a patient’s kidney cells. The procedure is known to be minimally invasive and potentially reverses CKD development.
Even Social Capital’s founder Chamath Palihapitiya expressed enthusiasm about the firm’s potential to develop a treatment for CKD that could potentially be less invasive than traditional dialysis.
Early results from REACT’s clinical trial showed that it can regenerate kidney function, which in turn could allow ProKidney to revolutionize CKD treatment. Palihapitiya added that this could be a game-changer for one of the most expensive and prevalent diseases.
According to ProKidney CEO Tim Bertram, chronic kidney disease is one of the most burdensome chronic conditions to treat, affecting over 75 million patients in the U.S. and the EU alone. The company intends to transform CKD treatment using its technological breakthroughs in cellular therapies.
If market speculations are right, the global CKD treatment market was valued at USD 81 billion in 2019 and is likely to account for over USD 133 billion by the year 2027.
Source Credits –
https://capital.com/prokidney-set-to-go-public-via-spac-headed-by-embroiled-ceo
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