Barreling forward with its early momentum in the digital therapeutics market, Pear Therapeutics announced Tuesday it will go public via a merger with special purpose acquisition company Thimble Point Acquisition Corp. in a deal valuing Pear at $1.6 billion.
Pear has been at the forefront of making the case to physicians, health systems, insurers, and regulators that software can be medicine for the treatment of all kinds of diseases. Since being founded in 2013, the company has received Food and Drug Administration clearance for three prescription treatments and has built a pipeline of 14 other digital therapeutics. The company hopes to use the proceeds from the deal to expand the reach of its current offerings, advance its research on the rest, and further develop a platform that will enable access to a wide range of software-based medical treatments.
The size of Pear’s public valuation reflects the progress the company has made moving the market forward for digital therapeutics, as well as tremendous optimism from investors and the company about the future for such treatments.
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