Valo Health and Khosla Ventures Acquisition Co. Mutually Agree to Terminate Business Combination Agreement

BOSTON and MENLO PARK, Calif., Nov. 15, 2021 /PRNewswire/ -- Valo Health, LLC ("Valo"), the technology company using human-centric data and artificial intelligence (AI) powered computation to transform the drug discovery and development process and Khosla Ventures Acquisition Co. (Nasdaq: KVSA) ("KVSA"), a special purpose acquisition company sponsored by affiliates of Khosla Ventures, LLC, announced today that both companies have mutually agreed to terminate their previously announced agreement and plan of merger (the "Business Combination Agreement"), effective immediately.


Both parties decided to terminate the Business Combination based on current market conditions, particularly in the biotechnology area.


"We formed KVSA to merge with companies that are impactful to the world as we recently did with KVSB when we merged with Nextdoor," said Samir Kaul, Founding Partner and Managing Director at Khosla Ventures. "Valo Health is a strong company and we wish them continued success as they move forward on a very solid plan. We will continue to look for other high-impact targets across a range of industries to deliver maximum shareholder value."


"We made this decision to ensure that Valo continues to be in an optimal position of strength to pursue our growth strategy and to deliver on our mission to transform drug discovery and development," said David Berry, Founder & CEO. "Our team has worked hard to ensure that all of the fundamentals of our business are strong. As we move closer to launching our first Phase 2 trial this year, our second Phase 2 trial in the first half of next year, and continue to aggressively build out the additional unique capabilities of our platform, we have tremendous momentum going into 2022 and beyond."


About Valo Health


Valo Health, LLC ("Valo") is a technology company built to transform the drug discovery and development process using human-centric data and artificial intelligence-driven computation. As a digitally native company, Valo aims to fully integrate human-centric data across the entire drug development life cycle into a single unified architecture, thereby accelerating the discovery and development of life-changing drugs while simultaneously reducing costs, time, and failure rates. The company's Opal Computational Platform™ is an integrated set of capabilities designed to transform data into valuable insights that may accelerate discoveries and enable Valo to advance a robust pipeline of programs across cardiovascular metabolic renal, oncology, and neurodegenerative disease. Founded by Flagship Pioneering and headquartered in Boston, MA, Valo also has offices in Lexington, MA, San Francisco, CA, Princeton, NJ, and Branford, CT. To learn more, visit www.valohealth.com


About KVSA


KVSA is a special purpose acquisition company sponsored by affiliates of Khosla Ventures. Khosla Ventures manages a series of venture capital funds that make early-stage venture capital investments and provide strategic advice to entrepreneurs building companies with lasting significance. The firm was founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems. Khosla Ventures has over $15 billion dollars of assets under management and focuses on a broad range of sectors including artificial intelligence, agriculture/food, consumer, enterprise, financial services, health, space, sustainable energy, robotics, VR/AR and 3D printing. Collectively, Khosla Ventures portfolio of investments has created nearly half a trillion dollars in market value.

BOSTON and MEN­LO PARK, Calif., Nov. 15, 2021 /​PRNewswire/​— Valo Health, LLC (“Valo”), the tech­nol­o­gy com­pa­ny using human-cen­tric data and arti­fi­cial intel­li­gence (AI) pow­ered com­pu­ta­tion to trans­form the drug dis­cov­ery and devel­op­ment process and Khosla Ven­tures Acqui­si­tion Co. (Nas­daq: KVSA) (“KVSA”), a spe­cial pur­pose acqui­si­tion com­pa­ny spon­sored by affil­i­ates of Khosla Ven­tures, LLC, announced today that both com­pa­nies have mutu­al­ly agreed to ter­mi­nate their pre­vi­ous­ly announced agree­ment and plan of merg­er (the ​“Busi­ness Com­bi­na­tion Agree­ment”), effec­tive immediately.

Both par­ties decid­ed to ter­mi­nate the Busi­ness Com­bi­na­tion based on cur­rent mar­ket con­di­tions, par­tic­u­lar­ly in the biotech­nol­o­gy area.

“We formed KVSA to merge with com­pa­nies that are impact­ful to the world as we recent­ly did with KVSB when we merged with Nextdoor,” said Samir Kaul, Found­ing Part­ner and Man­ag­ing Direc­tor at Khosla Ven­tures. ​“Valo Health is a strong com­pa­ny and we wish them con­tin­ued suc­cess as they move for­ward on a very sol­id plan. We will con­tin­ue to look for oth­er high-impact tar­gets across a range of indus­tries to deliv­er max­i­mum share­hold­er value.”

“We made this deci­sion to ensure that Valo con­tin­ues to be in an opti­mal posi­tion of strength to pur­sue our growth strat­e­gy and to deliv­er on our mis­sion to trans­form drug dis­cov­ery and devel­op­ment,” said David Berry, Founder & CEO. ​“Our team has worked hard to ensure that all of the fun­da­men­tals of our busi­ness are strong. As we move clos­er to launch­ing our first Phase 2 tri­al this year, our sec­ond Phase 2 tri­al in the first half of next year, and con­tin­ue to aggres­sive­ly build out the addi­tion­al unique capa­bil­i­ties of our plat­form, we have tremen­dous momen­tum going into 2022 and beyond.”

About Valo Health

Valo Health, LLC (“Valo”) is a tech­nol­o­gy com­pa­ny built to trans­form the drug dis­cov­ery and devel­op­ment process using human-cen­tric data and arti­fi­cial intel­li­gence-dri­ven com­pu­ta­tion. As a dig­i­tal­ly native com­pa­ny, Valo aims to ful­ly inte­grate human-cen­tric data across the entire drug devel­op­ment life cycle into a sin­gle uni­fied archi­tec­ture, there­by accel­er­at­ing the dis­cov­ery and devel­op­ment of life-chang­ing drugs while simul­ta­ne­ous­ly reduc­ing costs, time, and fail­ure rates. The com­pa­ny’s Opal Com­pu­ta­tion­al Plat­form™ is an inte­grat­ed set of capa­bil­i­ties designed to trans­form data into valu­able insights that may accel­er­ate dis­cov­er­ies and enable Valo to advance a robust pipeline of pro­grams across car­dio­vas­cu­lar meta­bol­ic renal, oncol­o­gy, and neu­rode­gen­er­a­tive dis­ease. Found­ed by Flag­ship Pio­neer­ing and head­quar­tered in Boston, MA, Valo also has offices in Lex­ing­ton, MA, San Fran­cis­co, CA, Prince­ton, NJ, and Bran­ford, CT. To learn more, vis­it www​.val​o​health​.com

About KVSA

KVSA is a spe­cial pur­pose acqui­si­tion com­pa­ny spon­sored by affil­i­ates of Khosla Ven­tures. Khosla Ven­tures man­ages a series of ven­ture cap­i­tal funds that make ear­ly-stage ven­ture cap­i­tal invest­ments and pro­vide strate­gic advice to entre­pre­neurs build­ing com­pa­nies with last­ing sig­nif­i­cance. The firm was found­ed in 2004 by Vin­od Khosla, co-founder of Sun Microsys­tems. Khosla Ven­tures has over $15 bil­lion dol­lars of assets under man­age­ment and focus­es on a broad range of sec­tors includ­ing arti­fi­cial intel­li­gence, agriculture/​food, con­sumer, enter­prise, finan­cial ser­vices, health, space, sus­tain­able ener­gy, robot­ics, VR/AR and 3D print­ing. Col­lec­tive­ly, Khosla Ven­tures port­fo­lio of invest­ments has cre­at­ed near­ly half a tril­lion dol­lars in mar­ket value.

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