Intel Chairman Planning Up to $1 Billion Health-Tech SPAC IPO
Intel Corp. Chairman Omar Ishrak is planning to raise funds for a blank-check firm targeting deals in the health technology sector, according to people with knowledge of the matter.
Ishrak, who previously ran medical device giant Medtronic Plc, could file public registration documents with the U.S. Securities and Exchange Commission as soon as Tuesday, the people said, asking not to be identified because the information is private. Ishrak is targeting to raise about $750 million to $1 billion for the special purpose acquisition company, or SPAC, they said.
Goldman Sachs Group Inc. is leading preparations for the initial public offering, the people said. Hedge fund manager Joshua Fink, who is the son of BlackRock Inc.’s Larry Fink, and Medtronic executive Jean Nehme will have senior roles at the blank-check company, the people said. Ishrak is poised to be chairman, they said.
Kwivik Therapeutics Partners with EirMed to Accelerate Product Commercialization
Kwivik Therapeutics Inc (“Kwivik”), a medtech developer of disruptive technologies for respiratory and emergency medical markets today announced the Company has partnered with EirMed to accelerate commercialization of some of its therapeutics product lines.
Kwivik has developed a pipeline of novel products for certain respiratory, emergency medical, asthma, migraine/cluster headache, wound care and skin care markets, with a combined market size exceeding a remarkable $750 Billion. These products are tracked, monitored and enhanced with Kwivik’s proprietary, cloud-based Mobile, IoT and AI technologies, with the goal of improving medical outcomes and saving lives – more efficiently and effectively than ever before.
“We are excited to be working with EirMed as we enter a growth phase in our business,” said Julian Ross, CEO of Kwivik Therapeutics. “EirMed is a fine organization and will significantly expand our capacity and depth with their infrastructure, design, engineering, manufacturing, quality control, and regulatory compliance capabilities.”
Largest players in MedTech industry embrace artificial intelligence
According to GlobalData forecasts, the market for artificial intelligence (AI)/machine learning (ML) platforms will reach $52B in 2024, up from $29B in 2019. The Covid-19 pandemic has triggered a rapid implementation of new technologies in the medical technology industry. Consequently, the MedTech industry’s biggest players, such as GE Healthcare, Medtronic, and Philips are some of the biggest investors in AI and ML. Implementing AI and ML into the traditionally conservative medical technology field has the potential to improve the current methods of diagnosing, managing, and treating numerous diseases and health issues. Furthermore, with big data becoming more and more assessable and manageable, it is now possible to effectively analyse, process, and find new patterns in medical data, especially when combined with ML algorithms.