$9.5 million deal “set to transform MedAdvisor”.
EBOS is set to shortly announce that it will take a 14% stake in listed medication adherence firm MedAdvisor, with the deal including a Memorandum of Understanding with EBOS to leverage MedAdvisor’s digital prescription technology with its hospital groups.
MedAdvisor placed its shares in a trading halt last Friday, and the announcement of the deal is expected to be formally posted on the ASX this morning.
The funds will see MedAdvisor “further integrate with Australia’s health system and expand abroad”. The company will also leverage EBOS’ Zest pharmaceutical goods distribution network to better target locally-owned pharmacies across Australia. As well as pharmaceutical wholesaling and hospital pharmacy businesses, EBOS is the majority owner of the TerryWhite Chemmart pharmacy group.
MedAdvisor will expand overseas, exploring opportunities in the US, UK and New Zealand,with the company’s ceo Robert Read saying he was delighted the EBOS Group had recognised the potential of the company.
“MedAdvisor finds a motivated commercial partner that values our agnostic position in the marketplace, can accelerate our plans to grow customer acquisition channels to include hospitals and GPs and understands the opportunity to bring services to consumers that creates value for all, both in Australia and internationally,” he said.
EBOS ceo Patrick Davies said MedAdvisor had achieved rapid growth and an important position as an independent partner to a wide range of healthcare businesses. “EBOS recognises the strength of that independence and we look forward to working collaboratively with MedAdvisor to unlock value across our diverse portfolio of businesses to help improve health outcomes for patients via improved medication management,” Davies said.
More details in tomorrow’s issue of Pharmacy Daily.