Ali Parsa seeks to pivot UK digital healthcare service following share price drop of 90% since Spac deal

Cristina Criddle — Tue, 22 Nov 2022 01:00:36 +0000

The chief executive of Babylon, the British healthcare service that soared in popularity during the pandemic, has described the company’s stock market performance since going public last year as an “unbelievable, unmitigated disaster” that has required a significant restructuring of the business.

Ali Parsa had spurned a London listing for the group, which had grown rapidly through partnerships with England’s NHS, in favour of floating on the New York Stock Exchange through a special acquisition company.

But shares in the digital healthcare service have dropped 90 per cent since its stock market debut in October last year, leading it to pivot its business to the US market and engage in painful cost-cutting.

This story originally appeared on: Financial Times - Author:Cristina Criddle

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Ali Parsa seeks to pivot UK digital healthcare service following share price drop of 90% since Spac deal