Virtual Therapeutics entered into a merger agreement on May 29, 2024, to take EndeavorRx developer, Akili, Inc. (AKLI) private, in an all-cash deal.
As per the terms outlined in the agreement, Akili shareholders will receive $0.4340 per share of common stock in cash, representing a premium of 3.83% from the stock’s last close.
Akili is the developer of EndeavorRx, a videogame that won approval from the U.S. drug regulator to treat attention deficit hyperactivity disorder (ADHD) in children.
Virtual Therapeutics works in a similar field as it delivers scalable, personalized mental health solutions by combining therapeutic techniques with engaging gameplay experiences.
The transaction is expected to close in the third quarter of 2024, and following the completion the merged entity will operate as Virtual Therapeutics, a privately held company, with Akili functioning as a wholly owned subsidiary.
“Akili ran a thorough strategic process and we believe that this transaction represents Akili’s commitment to delivering value to the Akili stockholder,” said Matt Franklin, Chief Executive Officer of Akili. The company initiated a process to evaluate strategic alternatives last month.
For a more comprehensive understanding of the deal, please visit the Deal Metrics page linked below:
Deal Metrics for the acquisition of Akili, Inc. (AKLI) by Virtual Therapeutics Corporation.
The Deal Metrics page for each merger or acquisition includes:
Disclaimer: This article is intended for informational purposes only. It is recommended that readers conduct their own research prior to making any investment decisions. The accuracy and completeness of the information provided in this article are not guaranteed.
Editor’s Note: Baranjot Kaur contributed to this article