Better Therapeutics’ $187 Million Merger Agreement with Mountain Crest Acquisition Corp II

Goodwin Procter LLP advised Better Therapeutics, Inc. on the deal.

Better Therapeutics, Inc. announced its definitive merger agreement with Mountain Crest Acquisition Corp II (Nasdaq: MCAD;), a publicly traded SPAC.

Better Therapeutics is a prescription digital therapeutics company delivering cognitive behavioral therapy to address the root causes of cardiometabolic diseases. It will be the first prescription digital therapeutics company to go public, raising up to $113 million to advance its robust pipeline of products to treat cardiometabolic diseases, conditions which cost the U.S. healthcare system almost $500 billion each year.

The transaction values Better Therapeutics at a pro forma fully diluted enterprise value of approximately $187 million with existing Better Therapeutics shareholders rolling over 100% of their equity into equity of the combined company. Upon completion of the transaction, which is anticipated in the summer 2021, the combined company will operate as Better Therapeutics and securities are expected to be listed on Nasdaq under the symbol “BTTX.”

The bicoastal Goodwin team was led by Art McGivern (Picture), Heidi Mayon, Shoaib Ghias, Pooja Sudarshan, Margaret Wirsing, and Jaidev Kalra, and included, Jocelyn M. Arel, Crescent Moran Chasteen, Koray J. Bulut, Stephanie Philbin, Julie K. Tibbets, Roger Cohen, Alexander R Plaum, Daniel S. Karelitz, Shane Albright, Jacqueline Klosek, Kara Kuritz, Grace Wirth, Ginggi N. Storer, Steven S.Tjoe, Andre Amorim, Heath Roosevelt Ingram, Nikhil Arjun Sethi, April Sun, Alex Intile, Sarah Stoiber, and Gregg Coughlin.

Involved fees earner: Andre Amorim – Goodwin Procter; Jocelyn Arel – Goodwin Procter; Margaret Beale-Wirsing – Goodwin Procter; Koray Bulut – Goodwin Procter; Crescent Moran Chasteen – Goodwin Procter; Roger Cohen – Goodwin Procter; Gregg Coughlin – Goodwin Procter; Shoaib Ghias – Goodwin Procter; Heath Ingram – Goodwin Procter; Alex Intile – Goodwin Procter; Jaidev Kalra – Goodwin Procter; Daniel Karelitz – Goodwin Procter; Jacqueline Klosek – Goodwin Procter; Kara Kuritz – Goodwin Procter; Heidi Mayon – Goodwin Procter; Arthur McGivern – Goodwin Procter; Stephanie Philbin – Goodwin Procter; Alexander Plaum – Goodwin Procter; Nikhil Sethi – Goodwin Procter; Sarah Stoiber – Goodwin Procter; Ginggi Storer – Goodwin Procter; Pooja Sudarshan – Goodwin Procter; April Sun – Goodwin Procter; Julie Tibbets – Goodwin Procter; Steven Tjoe – Goodwin Procter; Grace Wirth – Goodwin Procter;

Law Firms: Goodwin Procter;

Clients: Better Therapeutics, Inc.;

Author: Martina Bellini