PALO ALTO, Calif., Oct. 18, 2021 /PRNewswire/ -- Babylon today
outlined its ongoing momentum, announcing a further c.135k lives
will have access to its value-based care offering across the US and
UK through its expansion to additional US states, Georgia and Mississippi, and further growth across
California. This means that
through a combination of its value-based care model, Babylon 360
and its work in primary care, Babylon will be managing c.
350k lives globally, including
105k NHS GP at Hand lives, by the
start of 2022. Babylon reiterated 2021 and 2022 revenue guidance on
September 15, 2021.
"This expansion of our work will help Babylon further our aim of
reaching communities where access and affordability are obstacles,
in order to make health equity the norm," said Babylon Founder
& CEO Ali Parsa. "Our growth in
value-based care further demonstrates the structural advantage of
our digital-first model, which is scaling ahead of plan, all while
maintaining high-quality healthcare."
Babylon will increase the number of Americans served through its
value-based care program with the addition of 63k lives in Georgia and Mississippi, as at the contract date. This
will be further supplemented by 17k
lives in California at the
beginning of 2022. This will mean these Medicaid and Medicare
patients will be over time provided access to 24/7 primary
care doctors and nurses, the ability to get personalized insights
and support, and overall end to end care, with the aim of leading
to better outcomes and lower costs over time.
The recent U.S. expansion complements Babylon's global growth,
with over 55K lives added recently in
the UK through its partnership with the Royal Wolverhampton NHS
Trust on top of the 105k lives
through its own NHS GP Practice, Babylon GP at Hand. The global
expansion of Babylon 360 further establishes the organization as a
leader in digital-first, value-based care, aligning with the
company's founding mission to provide accessible and affordable
healthcare to every person on Earth. Babylon is re-engineering the
way healthcare is delivered with a highly scalable model that aims
to preserve people's health, shifting away from the current
fee-for-service model that focuses on sickness and crisis.
The milestone of 350K lives
covered around the world comes at an inflection point for Babylon,
with its H1 2021 earnings report disclosing 472% year-on-year
revenue growth, and a $4.2B SPAC
merger with Alkuri Global Acquisition Corp. (NASDAQ: KURI) (NASDAQ:
KURIU) (NASDAQ: KURIW) slated to close shortly. As a
publicly-traded company, Babylon expects to be positioned to build
on the traction it has already achieved and continue the momentum
by rapidly scaling operations.
About Babylon
Babylon is a world leading, digital-first, value-based care
company whose mission is to make high-quality healthcare accessible
and affordable for everyone on Earth.
Babylon is re-engineering healthcare, shifting the focus from
sick care to preventative healthcare so that patients experience
better health, and reduced costs. This is achieved by leveraging a
highly scalable, digital-first platform combined with high quality,
virtual clinical operations to provide integrated, personalized
healthcare. We endeavor to support patients' health needs, all from
their devices, with the aim to promote longer and healthier lives.
When sick, Babylon provides assistance to navigate the health
system, connecting patients digitally to the right clinician 24/7,
at no additional cost.
Founded in 2013, we have since delivered millions of clinical
consultations and AI interactions, and work with governments,
health providers and insurers across the globe, supporting
healthcare facilities from small local practices to large
hospitals. For more information, please visit
www.babylonhealth.com/us
About Alkuri Global Acquisition Corp.
Alkuri Global Acquisition Corp. (NASDAQ: KURI) (NASDAQ:
KURIU) (NASDAQ: KURIW) is a blank check company formed
for the purpose of effecting a merger, stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses or entities. While Alkuri
Global Acquisition Corp. may pursue a business combination in any
industry, the company intends to favor next-generation technology
businesses led by visionary founders and teams leveraging data and
artificial intelligence in the areas of Consumer Internet and
Marketplaces, Healthtech, Fintech and Mobility.
Additional Information and Where to Find It
In connection with the proposed business combination between
Alkuri Global Acquisition Corporation ("Alkuri Global") and Babylon
Holdings Limited ("Babylon") and the other parties to the Merger
Agreement dated June 3, 2021 (the
"Merger Agreement"), Babylon filed a registration statement on Form
F-4 (File No. 333-257694) (the "Registration Statement") with the
U.S. Securities and Exchange Commission (the "SEC"), which was
declared effective on September 30,
2021, with respect to Babylon's securities to be issued in
connection with the proposed business combination, and Alkuri
Global filed a definitive proxy statement on September 30, 2021 in connection with Alkuri
Global's solicitation of proxies for the vote by Alkuri Global's
stockholders in connection with the proposed business combination
and other matters as described in the proxy statement, as well as
the prospectus relating to the offer of the securities to be issued
to Alkuri Global's stockholders in connection with the completion
of the business combination. Alkuri Global has mailed the
definitive proxy statement and other relevant documents to its
stockholders as of the record date established for voting on the
proposed business combination. Alkuri Global's stockholders and
other interested persons are advised to read the Registration
Statement and the amendments thereto and the definitive proxy
statement/consent solicitation/prospectus, in connection with
Alkuri Global's solicitation of proxies for its special meeting of
stockholders to be held on October 20,
2021 to approve, among other things, the proposed business
combination (the "Special Meeting"), because these documents
contain important information about Alkuri Global, Babylon and the
proposed business combination.
Alkuri Global's stockholders may also obtain a copy of the proxy
statement/prospectus, as well as other documents filed with the SEC
regarding the proposed business combination and other documents
filed with the SEC by Alkuri Global, without charge, at the SEC's
website located at www.sec.gov or by directing a request to: Alkuri
Global Acquisition Corp., 4235 Hillsboro Pike, Suite 300,
Nashville, TN 37215, Attention:
Secretary, (615) 632-0303.
Anticipated Effective Date of the Proposed Business
Combination
Subject to receiving the requisite shareholder approvals at
their respective shareholder meetings, Babylon and Alkuri currently
expect the proposed business combination to become effective
shortly after the shareholder meeting on October 20, 2021.
Participants in Solicitation
Alkuri Global, Babylon, and their respective directors and
officers may be deemed participants in the solicitation of proxies
of Alkuri Global stockholders in connection with the proposed
business combination. Alkuri Global stockholders and other
interested persons may obtain, without charge, more detailed
information regarding the directors and officers of Alkuri Global
in Alkuri Global's registration statement on Form S-1 (File No.
333-251832), which was declared effective by the SEC on
February 4, 2021. Information
regarding the persons who may, under SEC rules, be deemed
participants in the solicitation of proxies to Alkuri Global
stockholders in connection with the proposed business combination
and other matters to be voted upon at its Special Meeting are set
forth in the proxy statement/prospectus for the proposed business
combination when. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the
proposed business combination is included in the Registration
Statement that Babylon filed with the SEC.
Forward-Looking Statements
This communication contains, and certain oral statements made by
representatives of Babylon and Alkuri Global and their respective
affiliates, from time to time may contain, a number of
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
relate to future events or our future financial or operating
performance. When used in this communication, the words
"estimates," "projected," "expects," "anticipates," "forecasts,"
"plans," "intends," "believes," "seeks," "may," "will," "should,"
"future," "propose" and variations of these words or similar
expressions (or the negative versions of such words or expressions)
are intended to identify forward-looking statements. These
forward-looking statements include, without limitation, information
concerning Babylon's or Alkuri Global's possible or assumed future
results of operations, business strategies, debt levels,
competitive position, industry environment, potential growth
opportunities, Babylon's and Alkuri Global's expectations with
respect to the future performance of the combined company,
including whether this proposed business combination will generate
returns for stockholder, the anticipated addressable market for the
combined company, the satisfaction of the closing conditions to the
business combination, and the timing of the transaction.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Babylon's or Alkuri Global's
management's control, that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks, uncertainties, assumptions and other
important factors include, but are not limited to: (a) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the Merger Agreement and the
proposed business combination contemplated thereby; (b) the
inability to complete the proposed business combination due to the
failure to obtain approval of the stockholders of Alkuri Global or
other conditions to closing in the Merger Agreement; (c) the
ability to meet the NYSE's listing standards following the
consummation of the proposed business combination; (d) the failure
of investors in the PIPE to fund their commitments upon the closing
of the proposed business combination; (e) the risk that the
proposed business combination disrupts current plans and operations
of Babylon or its subsidiaries as a result of the announcement and
consummation of the transactions described herein; (f) the ability
to recognize the anticipated benefits of the proposed business
combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; (g) costs
related to the proposed business combination; (h) changes in
applicable laws or regulations, including legal or regulatory
developments (such as the SEC's recently released statement on
accounting and reporting considerations for warrants in SPACs)
which could result in the need for Alkuri Global to restate its
historical financial statements and cause unforeseen delays in the
timing of the business combination and negatively impact the
trading price of Alkuri Global's securities and the attractiveness
of the business combination to investors; (i) the possibility that
Babylon may be adversely affected by other economic, business
and/or competitive factors; and (j) other risks and uncertainties
to be identified in the Registration Statement and in other
documents filed or to be filed with the SEC by Alkuri Global and
Babylon and available at the SEC's website at www.sec.gov.
Babylon and Alkuri Global caution that the foregoing list of
factors is not exclusive, and caution readers not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. Except as required by law, neither Alkuri Global
nor Babylon undertakes any obligation to update or revise its
forward-looking statements to reflect events or circumstances after
the date of this release.
No Offer or Solicitations
This communication is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities pursuant to the proposed business combination or
otherwise, nor shall there be any sale of securities in any
jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
No Assurances
There can be no assurance that the proposed business combination
will be completed, nor can there be any assurance, if the proposed
business combination is completed, that the potential benefits of
combining the companies will be realized.
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SOURCE Babylon