- Babylon signs new agreements
to bring global managed lives to some 350k, including 250k value based care lives
- This follows signing new agreements in the last few weeks to
add over 80k lives in the United States, and 55k lives in the United
Kingdom
- The new contracts result in recurring revenue which will exceed
$60 million per month from
launch
- Babylon reiterated 2021 and
2022 revenue guidance
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.