Publicly traded medical management platform MedAdvisor has signed a binding agreement to acquire GuildLink, a provider of digital healthcare solutions and drug information.
Based on a company disclosure, MedAdvisor will acquire GuildLink by issuing 57.1 million shares worth A$9.14 million ($6.3 million) or 16 cents each.
GuildLink is the digital health arm of the Guild Group, wholly owned by The Pharmacy Guild of Australia, a national employers’ organization for community pharmacy owners.
MedAdvisor offers an automated software system that helps patients manage their medication and improve adherence. The platform has connected more than 2.9 million Australian patients to more than 70% of pharmacies nationwide to date. The system is also used by approximately 25,000 pharmacies in the United States.
In addition to this announcement, MedAdvisor also aims to raise up to A$14.6 million ($10.1 million) by offering an accelerated offering of non-cancellable rights, or shares that cannot be traded or transferred. Proceeds from this will support the integration of GuildLink, in addition to funding growth initiatives in Australia and the US.
Both companies have also entered into a 10-year master services agreement with the PGA to develop and deliver new and ongoing healthcare initiatives. For starters, they will work on a program that will provide PGA with anonymized information from participating community pharmacies to help model and advocacy health economics.
WHY IT MATTER
MedAdvisor said in a statement that the acquisition of GuildLink will further transform it into a “consolidated platform that removes duplication and increases efficiency for Australian pharmacies”. The integration will also enhance its ability to provide integrated bookings, clinical services, vaccinations and medication management for its patients.
The deal is expected to close on Wednesday, July 27.
This latest planned acquisition follows the integration of connected care company Extensia into Hills Limited. This acquisition is part of Hills’ strategy to expand further in the digital health sector. Extensia provides the RecordPoint platform that gives clinicians real-time access to patient records and test results.
Earlier this year, telecare company Visionflex merged with 1st Group, an ASX-listed online health booking platform with the goal of providing a comprehensive, integrated telecare system for clinicians.
ON THE REGISTRATION
“As pharmacies broaden their scope and governments seek a more consistent approach to engaging with the pharmacy industry, we strongly believe that a best-of-breed platform is the best way to enable the industry to meet these goals. achieve,” MedAdvisor Chair Linda Jenkinson said of their planned acquisition of GuildLink.
“This partnership with MedAdvisor enables accelerated investment to deliver an enhanced platform to the community pharmacies network,” said Guild Group Chairman Andrew Bloore.
“This transaction provides assurance for our ability to continue to deliver health initiatives aimed at improving the health and well-being of Australians while providing an enhanced medication management technology platform that meets the ongoing needs of community pharmacy,” noted PGA National President Trent Twomey also op.