HWL Ebsworth advises MedAdvisor on USD $34.5 million Adheris Health acquisition and associated AUD $35 million capital raising

24 November 2020

HWL Ebsworth has advised ASX-listed MedAdvisor on its acquisition of US-based, Adheris Health for up to USD $34.5 million and institutional capital raise of AUD $35 million by way of a placement and a 1 for 2.5 accelerated non-renounceable entitlement offer. The retail component of the entitlement offer will close on 1 December 2020 and may raise up to a further AUD $18 million if fully subscribed.

MedAdvisor, a medtech company with a world-class medication management platform that empowers users to more simply manage their medication and improve adherence, used the funds of the institutional capital raise to complete the acquisition of Adheris on 17 November from NASDAQ-listed Syneos Health. Adheris is a US leader in tailored opt-out direct-to-patient medication adherence programs. MedAdvisor has been partnering with Adheris in digitising this process over the last 18 months.

Of the deal, MedAdvisor CEO and Managing Director Robert Read said: “Medication non-adherence is a multi-billion-dollar global market with a lack of global players working to solve it. The US represents about 40% of the world’s medicines market and Adheris has the potential to reach 1 in 2 Americans through its opt out patient programs. The opportunity to acquire a strategically aligned scale provider, in the US, with whom we have already integrated our technology and go to market approach, we believe is transformational for MedAdvisor. This acquisition primes MedAdvisor to become a truly global player with scale in medication adherence, helping millions of patients around the world improve their health outcomes.

The HWL Ebsworth deal team was led by Sam Dwyer (Partner) with valuable assistance from Tam Vuong (Senior Associate) and Nick Sitch (Solicitor). HWL Ebsworth has acted for MedAdvisor on a number of deals over its relatively short corporate lifespan, including its ASX listing in 2015, various acquisitions and in excess of $70 million in primary and secondary capital raisings. Sam Dwyer said: “It is a great pleasure to have been able to assist MedAdvisor for over five years and in particular on this deal, which looks to be a game-changing acquisition to turbo charge global expansion plans.

Peloton Capital acted as lead manager on the placement and entitlement offer, which were not underwritten. HWL Ebsworth worked closely with Boston firm, Goulston & Storrs in respect of the acquisition.

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