The combined company will be led by industry veteran, Dr. Todd Fruchterman as President and Chief Executive Officer, alongside its highly capable executive team. The combined company's board of directors will include Dr. Rothberg as Chairman, Dr. Fruchterman, and Glenview founder, Larry Robbins. Butterfly has also welcomed new members to the combined company's board: Dawn Carfora (Vice President, Business Planning and Operations, Global Business Group, Facebook), John Hammergren (former Chairman and CEO, McKesson Corporation), Gianluca Pettiti (Senior Vice President and President of Specialty Diagnostics, Thermo Fisher Scientific, Inc.), and S. Louise Phanstiel (Chair of the Board of Directors, Myriad Genetics).
As a result of the business combination, Butterfly received approximately $589 million prior to transaction fees, including approximately $414 million of cash held in Longview's trust account and $175 million from private placement (PIPE) investors, including Eldridge, Fidelity Management & Research Company LLC, Glenview, Ridgeback, Tenet Healthcare Corporation, UPMC Enterprises, and Wellington Management. In addition, Butterfly's current management and existing equity holders have rolled 100% of their equity into the combined company.
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J.P. Morgan Securities LLC acted as financial advisor to Butterfly. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal advisor to Butterfly. The Council acted as strategic and integration advisor to the combining entities. UBS Investment Bank acted as financial advisor to Longview as well as the exclusive placement agent for the PIPE. UBS Investment Bank and Cowen acted as capital markets advisors to Longview, and originally underwrote the IPO of Longview in May 2020. Ropes & Gray LLP acted as legal advisor to Longview.
About Butterfly Network
Founded by Dr. Jonathan Rothberg in 2011, Butterfly has created the world's first handheld, single-probe whole-body ultrasound system using its patented Ultrasound-on-Chip™ semiconductor technology. Butterfly's mission is to democratize medical imaging and contribute to the aspiration of global health equity, including for the 4.7 billion people around the world lacking access to ultrasound. Butterfly is paving the way for earlier detection and remote management of health conditions around the world. The Butterfly iQ can be purchased today by healthcare practitioners in the United States, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Butterfly iQ is a prescription device intended for trained and qualified healthcare professionals only.