Rockley Photonics is set to merge with the SPAC SC Health Corp. in a $1.2 billion deal

• Rockley Photonics will merge with the SPAC known as SC Health Corp.
• The deal will give the combined company a pro forma enterprise value of $1.2 billion.
• Rockley Photonics produces "clinic on the wrist" technology for non-invasive health monitoring.

Rockley Photonics is set to merge with the SPAC SC Health Corp. in a deal that will give the combined company a pro forma enterprise value of $1.2 billion.

The merger transaction will produce $323 million of gross proceeds for the combined entity and includes a fully committed $150 million PIPE. The PIPE is backed by institutional investors like Senvest Management and UBS O'Connor along with the medical device company Medtronic.

Post merger, the combined company will trade on the New York Stock Exchange under the symbol "RKLY."

Existing Rockley shareholders will roll 100% of their equity into the combined company and the transaction is expected to close in the second quarter of 2021 after regulatory approval.

Rockley Photonics was founded in 2013 by Dr. Andrew Rickman, the founder of the first commercial silicon photonics company, Bookham Technology. Since then, the company has become a leading global supplier of integrated silicon photonic chips and modules.

Rockley produces what it calls "clinic-on-the-wrist" sensing technology that allows for non-invasive health and wellness monitoring of biomarkers like glucose, hydration, blood pressure, and more.

Dr. Andrew Rickman, Rockley's founder and now CEO - who will remain as CEO and chairman after the deal- commented on the merger:

"Our partnership with SC Health positions us to accelerate our time-to-market for our compelling health and wellness solutions," he said. "Our proven sensor technology, world-class partners and a relentless focus on execution will enable Rockley to deliver life-changing benefits to an enormous number of people."

Rickman continued: "We believe that bringing laboratory diagnostics to the wrist will transform patient monitoring, healthcare delivery, and overall consumer health and wellbeing."