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Palihapitiya’s SPAC to Merge With ProKidney in $2.6 Billion Deal

  • Medical technology firm will receive up to $825 million cash
  • ProKidney treats chronic kidney disease using patient’s cells
Chamath Palihapitiya

Chamath Palihapitiya

Photographer: Mark Kauzlarich/Bloomberg

A blank-check firm started by serial dealmaker Chamath Palihapitiya and Suvretta Capital is merging with medical technology company ProKidney, according to a statement, confirming a Bloomberg News report earlier this month.

Social Capital Suvretta Holdings Corp. III and ProKidney will have a combined equity value of $2.64 billion, the companies said. The transaction also includes a $575 million equity placement that will provide ProKidney with as much as $825 million in cash proceeds, assuming investors in the special purpose acquisition company don’t redeem their shares.