Babylon looks to sell GP at Hand and other UK business amid financial issues

The health service provider Babylon—once hailed as one of the “world’s best HealthTech companies” by the former health secretary Matt Hancock1—is looking to sell its UK business and to “wind down” its US operations as it faces financial turmoil.2In a company statement Babylon said that it had “no binding commitment for additional financing to continue its business operations.” As such, it was considering selling off its UK business to “third parties” that might be able to provide the money required to keep it running.The move comes after a failed deal with the investment firm AlbaCore Capital Group, which had involved a merger with the technology company MindMaze.3 Babylon announced a $63m (£49.4m; €57.4m) loss in the first quarter of 2023, more than double the $29.1m loss it had experienced in the first quarter of 2022.4Babylon caused upset when it launched its GP at Hand video consultation service to NHS patients…
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