London-based digital health firm Babylon Health has sold most of its U.K. assets to eMed Healthcare U.K., a subsidiary of U.S. company eMed, following the cancellation of its merger with Swiss tech firm MindMaze in August.
The sold assets include Babylon Healthcare Services Limited, a U.K.-based telehealth practice focused on preventative care. The financial details of the sale were not disclosed. Babylon's app G.P. at Hand, which provides primary health services to NHS customers in London, remains unaffected by the sale.
The sale is to provide financial stability, allowing Babylon to continue its proactive healthcare initiatives. Babylon Health has faced financial struggles since its 2021 SPAC merger.
As a result, Babylon filed for bankruptcy protection for its U.S. subsidiaries last month.
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