Former Medtronic CEO and current Intel Chairman Omar Ishrak is one of the leaders of a new health care company that has filed a $750 million initial public offering.
Compute Health Acquisition Corp. is what’s called a blank check company, hoping to build itself by investing or buying businesses that are “at the intersection of computation and health care.”
Compute Health could start with strong ties to the company Ishrak led as CEO from 2011 to last spring. Medtronic, whose interest is not binding, has expressed interest in buying 1.5 million units in the IPO, according to a filing with the Securities and Exchange Commission.
Compute Health expects to sell 75 million units priced at $10 each and pursue an acquisition of a company, according to the SEC filing. It listed areas of interest including data access and artificial intelligence.
Ishrak is chairman of Compute Health’s board.
One of its co-chief executives also has ties to Medtronic, which is run out of Fridley. Jean Nehme helped found artificial intelligence startup Digital Surgery Ltd. and sold it to Medtronic, according to Bloomberg News. The other co-CEO is Joshua Fink, who runs investment firm Ophir Holdings LLC and is the son of BlackRock Inc.’s Larry Fink.
“We see the application of this growing computational power and AI to health care as ubiquitous, from the home to primary and secondary care services,” Compute Health said in the filing. “Many companies and services have adopted mobile and cloud computing and are moving quickly to computational intelligence, or CI, often at the point of care, or ‘edge.’ ”
The company said it did not select any specific target business or have substantive discussions with any business regarding a merger or acquisition. Medtronic’s interest isn’t a binding agreement.
Ishrak stepped down in December as chairman of Medtronic’s board of directors. Since 2017, Ishrak has also served on the board of Intel Corp. and he is currently the chairman.
Nicole Norfleet • 612-673-4495
Twitter: @nicolenorfleet