A team of Pillsbury lawyers represented Rockley Photonics, a leading global silicon photonics technology company, in its completed business combination with SC Health Corp. The total value of the deal is $1.2 billion. The combined company will retain the Rockley Photonics, Ltd. name as a subsidiary of Rockley Photonics Holdings, Ltd.
The approximately $167.8 million in gross proceeds available to Rockley following the combination is expected to enable the company to accelerate the commercial launch of its unique sensing platform and execute the 2023 and 2024 revenue projections as outlined in prior investor presentations. The platform is positioned to revolutionize consumer health and wellness by enabling continuous, non-invasive monitoring of multiple biomarkers, including core body temperature, blood pressure, body hydration, alcohol, lactate and glucose.
Rockley is working closely with some of the world’s largest manufacturers of consumer electronics and wearables to provide them with a “clinic-on-the-wrist” digital health sensor system. Rockley’s end-to-end sensing platform will combine hardware and application firmware in a module for OEM manufacturers that can be augmented with cloud analytics for certain clinical/medical partnership applications, enabling these customers to provide meaningful and actionable insights to their users.
Read more on the transaction here.
The Pillsbury team was led by Corporate partners James Masetti, Davina Kaile, James Campbell and Jarrod Murphy, and included counsel Nick Burgess, counsel Kenneth Suh, senior associates Alexandra Calcado and Drew Simon-Rooke, and associates Harriet McCartin, Andrew Clark, Alexandra Stephanos, Sacha Urbach and Kristy Duru; as well as Executive Compensation & Benefits partner Cindy Schlaefer and associate Ben Gibbs; Tax partner Brian Wainwright; International Trade partner Nancy Fischer and counsel Matthew Rabinowitz.