Virtual Therapeutics, a developer of engaging games for mental health treatment, announced it will acquire Akili, a digital therapeutics company. This merger creates a diversified powerhouse in the digital health industry, HIT Consultant reports.
The news comes less than two years after Akili went public on the Nasdaq through a merger with Social Capital Suvretta Holdings I, a SPAC controlled by billionaire investor Chamath Palihapitiya. Akili raised more than $163 million from the SPAC transaction, before expenses and advisory fees, which together with cash on hand, the company had said it expected would be sufficient to fund at least 24 months of business operations. SPAC redemptions on the deal topped over 99%.
Once the take-private acquisition is complete, Akili’s common stock will be delisted.
Akili shareholders will receive $0.4340 per share in cash, representing a 4% premium over Akili’s closing price on May 28. This translates to an 85% increase compared to Akili’s closing price on April 29, just before the company announced the exploration of strategic alternatives. Following the merger, Virtual Therapeutics will remain private, with Akili operating as a wholly-owned subsidiary. Read more.
