The company intends to go private in June with the help of $34.5 million in funding from AlbaCore Capital. Babylon started listing on the New York Stock Exchange in October 2021 under a $4.2 billion merger with Alkuri Global Acquisition Corp.
“Babylon remains focused on its day-to-day operations and patient care, as well as its ongoing and future commercial relationships, and on ensuring stability for Babylon’s key stakeholders,” the company said in a May 10 news release.
Babylon also reported $311.1 million in revenue in the first quarter, a 16.8 percent year-over-year increase, and net losses of $63.2 million, a 20.3 percent increase. Babylon pointed to the success of its virtual care platform with the Ambetter health plan that has had a 38 percent increase in commercial membership year to date.
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