Flag­ship and Khosla Ven­tures team up for biotech's lat­est SPAC, with Va­lo Health win­ning a blank check tick­et to Nas­daq

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The lat­est biotech SPAC deal has land­ed, and it’s com­ing from two promi­nent in­dus­try fig­ures.

Flag­ship’s AI-fo­cused Va­lo Health will re­verse merge with the first of Vin­od Khosla’s three blank check com­pa­nies, the duo an­nounced Wednes­day morn­ing, giv­ing Va­lo ac­cess to the $333 mil­lion held in the SPAC as well as a $168.5 mil­lion PIPE fi­nanc­ing. The merg­er will cre­ate a com­pa­ny val­ued at rough­ly $2.8 bil­lion, Va­lo said, and is ex­pect­ed to close be­fore Sep­tem­ber.

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