- Mednow (MNOW) has entered into a share purchase agreement with Infusicare Canada Inc.
- Mednow shall acquire all of the issued and outstanding shares of Infusicare for a cash payment of approximately C$1.85M
- This acquisition will allow Mednow to offer same-day delivery in London, Ontario
- In its last fiscal year, Infusicare generated approximately C$9.3M in revenue and C$400,000 in gross profit
- Mednow Inc is a healthcare technology company offering virtual access with exceptional care
- Mednow Inc. (MNOW) opened trading at C$1.02 per share
Mednow (MNOW) has entered into a share purchase agreement with Infusicare Canada Inc.
Under the terms of the agreement, Mednow shall acquire all of the issued and outstanding shares of Infusicare for a cash payment of approximately C$1.85M.
This proposed acquisition is expected to bolster Mednow’s expertise in biological drugs. It will also allow Mednow to offer same-day delivery in London, Ontario, and the surrounding areas. Mednow currently offers same-day delivery to three major Canadian cities (Toronto, Vancouver and Halifax), and anticipates further expansion.
In its last fiscal year, Infusicare generated approximately C$9.3M in revenue and C$400,000 in gross profit from selling prescription medications and support services to its patients.
Karim Nassar, CEO and Founder of Mednow commented on the agreement.
“The share purchase agreement with Infusicare is right in our wheelhouse, and is expected to leverage Mednow’s expertise in pharmacy. Upon the expected closing and integration of Infusicare’s operations, the Arva Clinic’s patient base is expected to benefit from Mednow’s digital customer service infrastructure. Mednow is also expecting to acquire a company with a proven source of revenue, anticipated to give Mednow a strong foundation for profitability, additional specialty pharmacy services, and expand its logistical infrastructure in Southwestern Ontario for its wide range of digital healthcare services.”
Infusicare’s wholly-owned subsidiary is a specialty pharmacy based in London, Ontario, operating out of the Arva Clinic. The Arva Clinic offers comprehensive support for patients receiving biologic drugs for rheumatoid arthritis and other specialty medications, in addition to regular pharmacy services. The Arva Clinic team is comprised of a group of well-respected healthcare professionals, including board-certified specialist physicians, advanced practice allied health professionals, specialty trained nurses, and pharmacists.
The transaction is subject to regulatory approvals, including TSX Venture Exchange approval.
Mednow Inc is a healthcare technology company offering virtual access with exceptional care.
Mednow Inc. (MNOW) opened trading at C$1.02 per share.
