Pfizer’s wholly owned subsidiary Pfizer Australia has signed a binding scheme implementation deed for the acquisition of digital health company ResApp Health’s 100% shares.
Pfizer has offered to acquire ResApp for A$0.115 per share in cash, representing a total equity value of approximately $74.3m (A$100m).
ResApp’s directors have unanimously recommended its shareholders vote in favour of the scheme of arrangement.
The scheme is subject to certain regulatory approvals, including from the Australian Competition and Consumer Commission (ACCC).
ResApp develops smartphone applications for the management and diagnosis of respiratory diseases.
The company’s machine learning algorithms can diagnose and measure the severity of a respiratory condition using sound.
Its clinically validated and regulatory-approved products include ResAppDx and SleepCheck, which are Therapeutic Goods Administration (TGA) approved in Australia and CE Marked in Europe.
ResAppDx is a smartphone-based acute respiratory disease diagnostic test that is used in emergency departments, telehealth and primary care settings.
The SleepCheck smartphone application allows individuals to self-assess their sleep apnoea risk.
ResApp CEO and managing director Tony Keating 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.”
Additionally, the company and Pfizer have entered a research and development licence agreement (R&D Licence) for Covid-19 products.
The key terms of the six-month R&D licence include two options for each company to extend the deal by three months.
Last month, ResApp reported positive results from clinical trials of its new Covid-19 instant screening test, which uses a smartphone and cough sounds to detect the presence of infection.