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It is the third SPAC sponsored by Deerfield Management, following DFB Healthcare Acquisition Corp., which raised $250 million in February 2018 … On Friday, Deerfield Healthcare Technology Acquisitions Corp. (Nasdaq: DFHT) announced it is acquiring CareMax Medical Group and IMC Medical Group Holdings for $364 million and $250 million, respectively. Deerfield Healthcare SPAC to combine with Caremax, IMC Medical Dec. 18, 2020 12:09 PM ET Deerfield Healthcare Technology Acquisitions Corp. (DFHT) By: Vandana Singh , SA News Editor Published: Dec 18, 2020, 5:09 PM UTC Seeking Alpha Deerfield Healthcare Technology Acquisitions (NASDAQ:DFHT), a blank-check firm sponsored by an affiliate of Deerfield Management, has announced a business combination with CareMax Medical Group and IMC Medical Group Holdings. The health care SPAC boom continues. Tracking news, trends and deals in the SPAC market. The New York-based Deerfield — a special purpose acquisition company — says it plans on merging the two senior care organizations and taking the combined enterprise public. The total consideration to IMC Health equity holders will be $250 million, net of debt. Deerfield Healthcare Technology Acquisitions Corp. (stock symbol: DFHT). Deerfield Healthcare Technology Acquisitions Corp. Humana Doubles Down on Payer-Agnostic Primary Care to Better Serve Seniors, Why Science-Driven Hospital Discharges Are a Boon for Home Health Providers, Home-Based Care Ally Signify Health Files for $100M IPO, Nightingale Homecare uses mobile printers to power productivity and improve patient care, 2020 Home Health Care News Outlook Survey and Report, Growing Home Health Admissions and the Bottom Line: A Case Study with Intrepid USA. Target Company: Unknown. Target Industry: Healthcare. The healthcare SPAC boom continues. Assuming no redemptions of Deerfield public shares, the current owners of CareMax Medical Centers and IMC Medical Group will collectively own 27% of the combined enterprise. Deerfield Healthcare Acquisitions Corp. (NASDAQ:DFHT) announced today it has entered into a definitive agreement to merge with senior healthcare providers CareMax Medical Group, LLC and IMC Medical Group Holdings, LLC along with point of care software provider CareOptimize (collectively “CareMax 2.0”) in a transaction valuing the combination at $692 million, or 1.7x 2021E revenues and Through our Deerfield Fellows program, we have proactively engaged a diverse group of students from the City University of New York (CUNY) to create opportunities to learn about careers in healthcare finance and entrepreneurship. The company’s current equity holders include private equity firms Comvest Partners and Athyrium Capital Management. As the auditor of record for approximately $42 billion of SPAC IPO’s sponsored by the investment community during the last 24 months, Withum has emerged as the firm of choice in the SPAC arena, many which are backed by private equity and venture capital firms. Deerfield estimates that CareMax will have an initial market capitalization of about $800 million, with approximately $233 million of cash on its balance sheet. Following the combination, CareMax will oversee 26 wholly owned medical centers in Florida, serving roughly 16,000 Medicare Advantage (MA) members in value-based contracts, in addition to thousands of others in managed care. Get notified of the latest SPAC news by joining our mailing list. On the heels of the Patient-Driven Groupings Model (PDGM) taking effect, the in-home care market is forging a new path ahead in 2020. The total consideration for CareMax will be approximately $364 million, net of debt. Read more. Deerfield Healthcare Technology Acquisitions Corp. (DFHT) , a special purpose acquisition company (SPAC) sponsored by an affiliate of Deerfield Management Company, L.P. (Deerfield) and Richard Barasch, a veteran health care public company executive and investor, announced today that it has entered into a definitive agreement for a business combination with CareMax Medical Group, LLC … Ultimately, Deerfield hopes to create a vertically integrated “one-stop shop” for its patients. “CareMax plays a significant role in the lives of our members by providing accessible, quality medical care and comprehensive social activities and services,” de Solo said in a statement. SPAC Size: $125M. While its second SPAC, DFP Healthcare Acquisitions Corp., has yet to find a company to merge with, that didn’t stop Deerfield from taking a third SPAC public last month. a SPAC that raised approximately $144 million when it went public in July 2020, has announced that it has reached an agreement to merge with Caremax, self-described as the operator of "26 wholly owned medical centers in South and Central Florida, servicing approximately 16,000 Medicare Advantage members under value … Op/Ed: Why Buy a SPAC Before It Identifies a Target? “Primary care has always been the gatekeeper for most health care spend, and we believe this model represents the best way to improve quality outcomes and manage costs across the health care continuum.”. DFHT– Deerfield Healthcare Technology ... our Chief Executive Officer and a partner in Deerfield Management. DFB Healthcare Acquisition Corp. (DFBH), announced this morning that they have entered into a definitive business combination agreement with AdaptHealth Holdings, LLC (“Adapt”), the third largest distributor of home medical equipment (“HME”) in the United States. “Our patients live in medically underserved communities where the hospital has become the first, and often only, option for health care,” the blank-check company highlighted in an investor presentation. Deerfield Healthcare SPAC to combine with Caremax, IMC Medical. All rights reserved. All rights reserved. “Value-based care, built upon the premise of providing extensive primary care, is recognized as an effective way to lower health care costs and improve patient outcomes in Medicare Advantage, especially for dual-eligible beneficiaries and those with chronic conditions,” he said in a statement. HHCN is part of the Aging Media Network. “We believe that CareMax operates a best-in-class delivery model supported by a highly scalable technology backbone.”. When Robert's not covering the latest in home health care news, you can likely find him rooting for the White Sox or roaming his neighborhood streets playing Pokemon Go. document.write(new Date().getFullYear()); © Home Health Care News Compute Health Amends $750M IPO Prospectus, Carney II Stock and Warrants to Begin Separate Trading, Hennessy IV Sees ‘Overwhelming Support’ for Canoo Merger, EV Startup Faraday & Future Said to be in Merger Talks with SPAC: Bloomberg, Environmental Impact Acquisition Prices Upsized IPO of $180M. The New York-based Deerfield — a special purpose acquisition company — says it plans on merging the two senior care organizations […] Deerfield will be listed on The NASDAQ and trade under the ticker symbol “DFHTU” beginning on July 17, 2020. Markets Will ‘Flush Out’ some SPACs — But it Won’t be a Crisis: Goldman Sachs CEO, SPAC Frenzy Worries Some Wall Street Investors: Report, D and Z Media President Talks SPACs with Bloomberg, Falcon Capital in Talks to Acquire Sharecare: Report, Riverstone SPAC Decarbonization Plus II Amends $350M IPO Prospectus. Announced today the pricing of its initial public offering of 12,500,000 shares priced at 10$ per share. Bill Lamoreaux, the current CEO of IMC Medical Group, will become executive vice president of CareMax. Despite no SPAC IPO activity between March 10 and April 21, 34 SPAC IPOs have priced since then, bringing the total for the first half of 2020 to $12.0 billion, exceeding H1 … RBC Capital Markets will provide debt financing. - … Both companies are headquartered in Miami. CareMax, IMC to Combine With SPAC Deerfield Healthcare The deal will bring 26 wholly owned medical centers in Florida under the combined company’s fold . Before joining HHCN, Robert covered everything from big agribusiness to the hottest tech startups. Healthcare/Life Sciences SPAC IPOs Currently Seeking Targets. Home Health Care News (HHCN) is the leading source for news and information covering the home health industry. Approximately 64% of CareMax patients are dually eligible for Medicare and Medicaid, according to Deerfield. “CareMax’s differentiated health care delivery model, focused on care coordination with vertically integrated ambulatory care and community-centric services, ensures that members receive the right care at the right time in the most efficient setting,” Deerfield noted in a press release. SPAC 21-Dec Healthcare Capital Corp. HCCCU 200 S+W/2 Healthcare, US 1st time SPAC team 21-Dec ... Deerfield Healthcare Technology Acquisitions Corp. DFHT CareMax Medical/IMC Medical Healthcare, US 692 4.8x 18-Dec 15.00 FinServ Acquisition Corp. FSRV Katapult Technology, US 993 4.0x 18-Dec 13.95 Upon closing, CareMax will be led by CEO Carlos de Solo, who founded CareMax Medical Centers in 2011 and CareOptimize in 2015. Although a chunk of the business will be focused on center-based care, CareMax’s whole-person approach to health will also tie in home health visits and house calls. The $250 million purchase of IMC Medical Group will also be a mix of cash and stock. This new SPAC momentum largely started outside of healthcare, in particular in the tech world. ... Cormorant, Deerfield, EcoR1, Foresite, MPM, Perceptive, RA Capital, RTW, and 5AM. “We specifically focus on access and quality for underserved communities.”. “The goal of CareMax is to intercede as early as possible to manage chronic conditions for its patients in a proactive, holistic and tailored manner.”. SPAC Stock DFHTU or Deerfield Healthcare Technology Acquisitions Corp. Deerfield SPAC to merge with senior care providers CareMax and IMC Health. “Seniors represent the most significant opportunity to lower the national health care spend, and we believe that CareMax possesses the technology, knowledge and know-how to continue to bend this cost curve.”, CareMax, CareOptimize, Deerfield Healthcare Technology Acquisitions Corp., IMC Medical Group Holdings. The article Deerfield SPAC DFB Healthcare Acquisitions prices $250 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com. On top of its brick-and-mortar medical centers, CareMax will own CareOptimize, a technology platform that is used by health care providers across the U.S. Deerfield Healthcare Technology Acquisitions Corp. operates as a blank check company. Deerfield Healthcare Technology Acquisitions announced today that it has entered into a definitive agreement for a business combination with CareMax Medical Group and IMC Medical Group Holdings, technology-enabled providers of value-based care to seniors. Current equity holders of CareMax Medical Centers are primarily the founders and executives of the company. To sweeten the deal, current CareMax shareholders will be entitled to receive an additional earn out payment of up to 6.4 million shares of CareMax common stock, with 50% of those shares vesting if the stock of the company trades at or above $12.50 during in first 12 months after closing and the balance of the shares will vest if the stock trades at or above $15 during the first 24 months after closing. We now count many of these talented individuals as our colleagues. 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