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Valo Health To Combine With Vinod Khosla-Backed SPAC In $2.8B Deal

  • Boston-based Valo Health LLC has agreed to go public through a reverse merger with a blank-check firm backed by venture capitalist Vinod Khosla, in a deal valuing the combined company at about $2.8 billion.
  • Founded in 2019, Valo Health is a biotech company that uses data analysis and artificial intelligence to help drug discovery and development.
  • Valo Health’s platform Opal has a pipeline of candidates across cardiovascular disease, oncology, and neurodegeneration.
  • Its deal with Khosla Ventures Acquisition Co (NASDAQ: KVSA), a special-purpose acquisition company (SPAC), is expected to deliver proceeds of $168.5 million from investors, including Khosla Ventures, NG MGG Strategic, Flagship Pioneering, and Caz Investments.
  • Khosla Ventures Acquisition went public in a $300 million initial public offering in March.
  • Samir Kaul, Founding Partner and Managing Director at Khosla Ventures will join Valo’s Board of Directors following the completion of the business combination expected in the third quarter of 2021.
  • Price Action: KVSA shares are down 2.82% at $9.93 during the market session on the last check Wednesday.

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