BRISBANE: ResApp Health Limited has entered into a binding scheme implementation deed with Pfizer Australia, under which it is proposed that Pfizer will acquire 100% of the shares in ResApp Health for A$0.115 per share in cash representing a total equity value of approximately A$100 million.
Tony Keating, CEO and Managing Director of ResApp said “We are excited by the prospect of this acquisition by Pfizer, a leading biopharmaceutical company that shares our vision and belief that technology can help transform healthcare and improve patients’ lives. The proposed acquisition recognises the years of dedicated work by the ResApp team to build ResApp into a leader in audio- based analysis of respiratory health. We believe that the material premium and certainty of an all cash consideration is an attractive outcome for our shareholders.”
Azure Capital Pty Ltd is acting as financial adviser and DLA Piper as legal adviser to ResApp.
“This proposed acquisition and research collaboration add to our growing digital capabilities and bolster our efforts to pave a new era for digital health,” said Lidia Fonseca, Chief Digital and Technology Officer, Pfizer.
ResApp Health Limited (ASX: RAP) is a leading digital health company developing smartphone applications for the diagnosis and management of respiratory disease. ResApp’s machine learning algorithms use sound to diagnose and measure the severity of respiratory conditions without the need for additional accessories or hardware. ResApp’s regulatory-approved and clinically validated products include ResAppDx, a smartphone-based acute respiratory disease diagnostic test for use in telehealth, emergency department and primary care settings; and SleepCheck, a smartphone application which allows consumers to self-assess their risk of sleep apnoea. Both products are CE Marked in Europe and TGA approved in Australia.