Biote Agrees to Combine With SPAC Haymaker Acquisition Corp. III

London – December 16, 2021 – Cooley advised Biote, a medical practice-building business within the hormone optimization space, on its definitive business combination agreement with special purpose acquisition company (SPAC) Haymaker Acquisition Corp III. Lawyers Michal Berkner and Jarrett Burks led the Cooley team advising Biote.

The implied initial equity value of the business combination is approximately $737 million, with the combined company expected to have $195 million in cash after closing, assuming no Haymaker stockholders elect to have their shares redeemed. The business combination is expected to be completed in 1H of 2022 and, the combined company will be listed on the Nasdaq Stock Market under the symbol BTMD.

“Biote has a huge opportunity to enable physicians to help this highly underserved patient population take greater control of their health,” Terry Weber, CEO of Biote, said in a news release. “Biote is committed to educating and empowering providers to effectively treat patients and help them understand the critical role that hormones play in healthy aging. We welcome Haymaker as partners and look forward to the role our status as a public company will play in increasing access to, and awareness of, our leading hormone therapy practice-building business.”

Biote provides the necessary components to enable practitioners to establish, build and successfully operate a hormone optimization center to treat patients appropriate for therapy. The company trains practitioners on how to identify and treat early indicators of hormone-related aging conditions.

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Related Contacts
Michal Berkner  Partner London
Jarrett Burks  Associate London
Vlad Herta  Associate London
Ryan Sansom  Partner Boston
Chi Vo Kavanaugh  Associate London
Meg Begur  Associate London
Timothy Shapiro  Partner Palo Alto
Eileen Marshall  Partner Washington, DC, Palo Alto
Jeff Goldman  Special Counsel Palo Alto
Sonia Nath  Partner Washington, DC
David McKaye  Associate Boston
Michael Tollini  Partner Washington, DC, New York
Phil Mitchell  Partner New York
Elizabeth Lewis  Senior Counsel Washington, DC, Reston
Wyatt Kernell  Associate New York
Mischi a Marca  Partner San Francisco
Kathleen Goodhart  Partner San Francisco
Ehijele Olumese  Associate Los Angeles – Downtown, Los Angeles – Santa Monica
Francis Wheeler  Partner Colorado
Charlotte Drew  Associate Boston
Todd Gluth  Partner San Diego
Joseph Lockinger  Special Counsel Washington, DC
Charles George  Associate London
Stacey A. Bradford  Special Counsel Washington, DC
David Hopkins  Special Counsel Colorado
Ross Eberly  Partner Los Angeles – Santa Monica, Los Angeles – Downtown
Moussa O. Ismail  Associate Reston