Akili to Combine with Virtual Therapeutics in Go-Private Merger

Dow Jones05-29

By Adriano Marchese

Akili and Virtual Therapeutics have agreed to merge in a go-private deal that will create a larger diversified digital health company.

Shareholders of Akili, a digital therapeutics company, will receive 43.4 cents per share of common stock in cash according to the terms of the deal, the companies said Wednesday.

Akili shares have been under pressure in 2024, falling about 14% and closing at 42 cents on Tuesday. Over the last 12 months, shares are down 66%. On Wednesday, the shares were halted in premarket trading.

In a joint-statement, the two companies said that the price represents a 4% premium to Akili's closing stock price on Tuesday and about an 85% premium to the closing price on April 29, the last trading day before Akili's said it was considering potential strategic alternatives.

Akili Chief Executive Matt Franklin said that the combination of Akili's mobile digital therapeutics with Virtual Therapeutics' portfolio of virtual reality-based mental health solutions and gaming expertise, will produce a platform better able to address mental health needs across several high-impact indications.

The transaction is expected to close in the third quarter of this year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 29, 2024 08:31 ET (12:31 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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