Akili Interactive, a digital therapeutic platform, plans to become publicly traded through a special purpose acquisition corporation merger with Social Capital Suvretta Holdings.
The company expects the transaction to be finalized halfway through 2022, Akili announced on Wednesday.
“Social Capital Suvretta shares our vision for the future, and we look forward to applying our combined experience as we drive the commercialization of our platform and advance our deep pipeline of prescription digital therapeutics to help people living with cognitive impairments across the globe,” Eddie Martucci, Chief Executive Officer of Akili, in a news release.
In addition to the $100 million from Social Capital Suvretta Holdings, Alkili received $62 million through private investment in public equity deals from Suvretta Capital Management’s Averill strategy, Apeiron Investment Group, Temasek, Polaris Partners, Evidity Health Capital, JAZZ Venture Partners and Omidyar Technology Ventures.
Alkili expects the combined company to have a market share value of approximately $1 billion following the transaction and receive a total of $412 million from the purchase.
Once the sale is closed, Chamath Palihapitiya, chairman and CEO of Social Capital Suvretta Holdings, will become chair of Akili’s Board of Directors.
Typically the platform works with populations that have ADHD, multiple sclerosis, autism, and depression, combining neuropsychiatric treatment and software to address cognitive impairments in patients, interacting with the neural systems involved in attention control.
Funds secured through Alkili’s purchase will support the commercial launch of EndeavorRx®, the company’s FDA-approved prescription digital therapeutic intended to treat ADHD in 8 to 12-year-olds.
For its various products, Akili said in a news release that it has completed 20 clinical trials with 2,900 patients and nine disease populations, publishing its studies and data in 16 peer-reviewed journals.
Akili’s unique technology platform and concept-proven products represent a new approach to cognitive science, said Kishen Mehta, president of Social Capital Suvretta Holdings, in a news release.
“The company is leading the advancement of digital cognitive therapies with an FDA-cleared product already on the market, and we believe Akili has only just scratched the surface of this new and exciting field of medicine,” Mehta said.