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Covington Represents Humacyte in $800M Merger with Alpha Healthcare

February 17, 2021

WASHINGTONCovington advised Humacyte, Inc., in its merger with Alpha Healthcare Acquisition Corp., a special purpose acquisition company. The transaction implies a pre-money valuation of $800 million for Humacyte with existing Humacyte shareholders rolling over 100% of their equity into equity of the combined company. In connection with the execution of the business combination agreement, a group of leading investors has committed to participate in a common stock PIPE of approximately $175 million at $10.00 per share, that will close simultaneously with the business combination.

Humacyte is a clinical-stage biotechnology developing a disruptive biotechnology platform to deliver universally implantable bioengineered human tissues and organs designed to improve the lives of patients and transform the practice of medicine. The company develops and manufactures acellular tissues to treat a wide range of diseases, injuries and chronic conditions.

Alpha Healthcare Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a business combination with one or more businesses in the healthcare sector.

The Covington team was led by Kerry Burke and included Jack Bodner, Mike Riella, Gustavo Akkerman, Scott Israelite, Jenny O’Shanick, and Xinyi Song (M&A), Brian Rosenzweig, Sarah Griffiths, Julie Plyler, Will Mastrianna, Sebastian Marotta, and Ann Peterson (securities and capital markets), Sarah Cowlishaw and Scott Cunningham (FDA regulatory), Ansgar Simon, Lee Kelley, and Shae Qian (tax), Will Woolston and Megan Woodford (employee benefits), Sara Needles and Erica Wu (collaborations), Heather Haberl (real estate), and James Dean (antitrust).

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