ResApp Health

A$100m acquisition by Pfizer Inc

April 2022

ResApp Health Limited (ASX:RAP), a leading digital health company developing smartphone applications for the diagnosis and management of respiratory disease has entered into a binding scheme implementation deed with Pfizer Australia Holdings Pty Limited (a wholly-owned subsidiary of Pfizer Inc, a global biopharmaceutical company) (Pfizer), under which it is proposed that Pfizer will acquire 100% of the shares in ResApp Health Limited (ResApp) by way of a Scheme of Arrangement (the Scheme) for A$0.115 per share in cash (Scheme Consideration), representing a total equity value of approximately A$100 million. In addition to the Scheme, ResApp has entered into a Research & Development Licence Agreement (R&D Licence) pursuant to which Pfizer and ResApp will collaborate on the research and development of products in the field of COVID-19.

The Scheme Consideration of A$0.115 cash per share represents:

  • 27.8% premium to the ResApp closing price of A$0.09 per share on 8 April 2022, being the last trading day prior to announcement of the Scheme
  • 28.4% premium to the 1 month volume-weighted average price (VWAP) to 8 April 2022
  • 39.7% premium to the 3 month VWAP to 8 April 2022

ResApp is a leading digital health company developing smartphone applications for the diagnosis and management of respiratory disease. ResApp’s machine learning algorithms use sound to diagnose and measure the severity of respiratory conditions without the need for additional accessories or hardware. ResApp’s regulatory-approved and clinically validated products include ResAppDx, a smartphone-based acute respiratory disease diagnostic test for use in telehealth, emergency department and primary care settings; and SleepCheck, a smartphone application which allows consumers to self-assess their risk of sleep apnoea. Both products are CE Marked in Europe and TGA approved in Australia. For more information, please visit www.resapphealth.com.au.

Pfizer Inc (NYSE:PFE) is one of the world’s leading biopharmaceutical companies, with a portfolio of some of the world’s most well known medicines, vaccines, and therapeutics. It is a member of the Fortune 500 and one of the United States largest pharmaceutical and biotechnology companies with a market capitalisation of over US$293 billion.

Closing of the transaction is expected in the 3rd quarter of 2022 and remains subject to shareholder approval and other conditions precedent.