Rockley Photonics, a  global supplier of integrated silicon photonic chips and modules across multiple markets, has entered into a definitive agreement to combine with SC Health Corp., a publicly traded special purpose acquisition company. The transaction will result in Rockley becoming a publicly traded company on the NYSE under the symbol RKLY and values it at a pro forma enterprise value of 1.2 billion dollars.

The transaction will accelerate the commercial launch of Rockley’s unique sensing platform, which is positioned to increase consumer health and wellness by enabling continuous, non-invasive monitoring of multimodal biomarkers such as lactate, glucose, hydration, blood pressure, and core body temperature.

Built on its silicon photonics platform, Rockley’s “clinic-on-the-wrist” technology is significantly more accurate than LED sensors commonly used today in wearables such as smart watches and fitness bands and allows for continuous monitoring of key vitals in a way that was previously possible only with clinical machines. By bringing laboratory precision diagnostics to wearables, Rockley will enable consumers to detect diseases earlier, better manage nutrition, and focus on preventive healthcare so they can live better and healthier lives. 

Beyond consumer electronics, Rockley is partnering with clinicians and medtech companies to expand the application of its revolutionary monitoring platform to medical devices to improve disease detection and prevention.

The transaction is expected to deliver up to $ 323 M of gross proceeds to the combined company, including the contribution of up to $ 173 M of cash held in SC Health’s trust account. The transaction, which has been unanimously approved by SC Health’s board of directors and the independent directors of Rockley’s board of directors, is expected to close in the second quarter of 2021. (Source: Rockley Photonics)

Link: Photonics Applied – Driving multiple high-growth applications, Rockley Photonics Limited, Altrincham, Cheshire, United Kingdom