By OPEN MINDS Circle
Babylon Holdings Limited accepted a proposal from AlbaCore Capital LLP and MindMaze Group SA to become a private company, and combine with MindMaze, which develops digital neurotherapeutic solutions for brain health and recovery. The transaction is expected to close in July 2023. Babylon and MindMaze believe that the combined entity will form a powerful digital-first global artificial intelligence (AI)-driven health care business that will help transform the industry from sick care to predictive and preventative health care. Babylon and MindMaze will focus on improving consumer engagement and access to high quality optimized health care by tackling a broad range of chronic conditions, including but not limited to neurological conditions.
Babylon, founded in 2013, is building an integrated digital first primary care service intended to manage population health at scale. It became a publicly traded company in 2021 after a merger with Alkuri Global Acquisition Corp., a special purpose acquisition company. Babylon’s technology and clinical services support a global patient network across 15 countries, and its digital healthcare platform is capable of operating in 16 languages. Babylon is also working with governments, health providers, employers and insurers across the globe to provide them with a new digital-first platform that any partner can use to deliver high-quality healthcare with lower costs and better outcomes.
The proposal strongly positions Babylon to accelerate its core mission – to make high quality healthcare more accessible and affordable by combining the most cutting-edge technology with the best medical expertise. By joining forces with MindMaze, the new entity would be positioned to address consumer and member needs across a continuum of care. Additionally, the new organization is positioned to become a leading value-based care platform with cutting edge technological, clinical and operational ability to both provide holistic primary care and effectively diagnose, manage and treat major episodic and chronic diseases.
In the coming weeks and months, while Babylon and MindMaze come together, they will both continue delivering on their missions, executing on day-to-day operations, and pursuing strategic objectives including a relentless commitment to patient and member care, client satisfaction and employee engagement. Babylon and its management will continue to operate and deliver on its existing business plan. Over the mid-to-long term Babylon and MindMaze intend to align the strengths of their organizations to deliver a truly novel care paradigm and deliver exceptional outcomes for all stakeholders.
Completion of the transaction will be subject to agreed documentation, various conditions and appropriate regulatory approvals if required. As previously stated, the transaction will not provide for any payment to Babylon Holdings Limited’s Class A ordinary shareholders or other equity instrument holders, as AlbaCore will be exercising rights under its debt agreements with Babylon, and the go-forward private business will be transferred to private ownership. Therefore, the transaction would transfer core operating subsidiaries of Babylon to MindMaze, and Babylon Holdings Limited’s Class A ordinary shares will cease trading on the NYSE under the ticker symbol ‘BBLN’.
Founded in 2012, MindMaze is a global leader in brain technology and digital neurotherapeutic solutions for brain health and recovery. With a presence in over 15 countries, its mission is to accelerate the brain’s ability to recover, learn and adapt. The company has two core divisions – Healthcare and Labs – working collaboratively at the intersection of neuroscience, bio-sensing, engineering, mixed reality and artificial intelligence. MindMaze Healthcare is advancing a universal platform for brain health with breakthrough solutions to some of the world’s most challenging problems in neurology, including stroke, Parkinson’s disease and Alzheimer’s disease. MindMaze Labs, the company’s R&D innovation hub, is focused on the future of human computing – working across multiple industries to innovate and build the next generation of human-machine interfaces. The company has offices in Lausanne, Baltimore, London, Paris and Mumbai.
Contact information: Babylon Health, 60 Sloane Avenue, London United Kingdom; SW3 3DD; +44 (0)20 7100 0762; Email: support@babylonhealth.com; Website: https://www.babylonhealth.com/en-us