Just when you thought the SPAC had been played out, London-based healthtech Babylon confirms the rumours and announces its plan to go public via a $4.2 billion merger with Alkuri Global Acquisition Corp, formerly known as Ark Global Acquisition Corp.
The transaction is expected to close in the second half of 2021, subject to approval by Alkuri Global's shareholders and other normal closing conditions, including any applicable regulatory approvals. Babylon will list on the Nasdaq under the symbol BBLN.
Babylon Health founder and CEO Dr. Ali Parsa will become the Chairman and CEO of the combined entity, with a representative from Alkuri Global joining the board.
Founded in 2013 by the aforementioned Dr. Ali Parsa, Babylon Health seeks to provide healthcare for all via a combination of AI and Doctors. With this combination, Babylon has been re-engineering the healthcare industry, moving towards a preventative and overall improved health aspect, as opposed to reactive care.
The service is in use by over 24 million people across the United States, Canada, Europe, Africa and 13 countries in Asia, helping one patient every five seconds in 2020.
Babylon scaled at approximately 5x annual revenue growth in 2020, and is expected to grow by approximately 4x in 2021.
"We founded Babylon on a fundamental belief, that it is possible to make quality healthcare accessible and affordable for every person on earth by combining the latest in technology and the best in medical expertise. We have achieved one of the highest growth rates every year since our inception, with consistently high clinical outcomes and patient satisfaction,” comments Dr. Parsa. “Becoming a public company is just another step in our journey. We are at the very beginning of our work to re-imagine our sector, to make it digital-first and prevention-first and shift the focus away from sick care to true health care."