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2022-01-26 20:56
07:54 AM EST, 01/26/2022 (MT Newswires) -- PureTech Health (PRTC) said Wednesday its founded entity, Akili Interactive, has entered into an agreement to go pubic via a merger with blank check firm Social Capital Suvretta Holdings Corp. I (DNAA).
The transaction puts post-money valuation of the combined entity at about $1 billion and expects to provide up to $412 million in gross cash proceeds, including up to $250 million of cash held in the blank check company's trust account and $162 million from the private investment in public entity or PIPE investors, at $10 per share, the company said.
The deal has been approved by the boards of directors of both companies and is set to close in mid-2022, following which Akili will be listed on the Nasdaq stock market under the new ticker symbol "AKLI," the company added.
Social Capital Suvretta Holdings Corp. I Chairman and CEO Chamath Palihapitiya is expected to join Akili's board of directors as chair after deal closure. Net proceeds from the transition will go toward Akili's go-to-market strategy, its pipeline of prescription digital therapeutics and other general corporate purposes, PureTech Health said.