Valo Health, an early-stage company focused on drug discovery and development, is going public through a combination with a special-purpose acquisition company
Valo Health LLC, an early-stage company focused on drug discovery and development, is going public through a combination with a special-purpose acquisition company, a deal that values the combined entity at about $2.8 billion, the companies said.
Boston-based Valo and the SPAC, Khosla Ventures Acquisition Co. , said they expect to use proceeds from the transaction to help Valo develop its software platform and advance its preclinical and clinical drug pipeline. The companies plan to announce the deal later Wednesday, they said. Valo was founded in 2019 by Flagship Pioneering, the Cambridge, Mass.-based venture-capital company that also has a stake in Covid-19 vaccine developer Moderna Inc. Valo, which isn’t currently generating revenue, operates a platform called Opal, which it said would be able to speed up drug discovery and development using data analysis and artificial intelligence.
The company said its platform could potentially cut the cost of developing treatments and reduce the reliance on surrogates like cell models and mice in drug discovery and development. Valo said it has a drug pipeline across cardiovascular disease, oncology and neurodegeneration. Valo is betting on its goals of streamlining the drug discovery and development process and of improving the understanding of how diseases change over the course of a patient’s illness. It expects to have more than three new drug candidates in its pipeline each year, David Berry, Valo’s chief executive, said.
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