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16 October 20222 minute read

DLA Piper advises ResApp Health Limited (ResApp)

Global law firm DLA Piper has advised ResApp Health Limited (ResApp) on its A$180 million cash acquisition by Pfizer Australia Holdings Pty Limited (Pfizer Australia) by a scheme of arrangement.  The scheme was implemented on 26 September 2022.

ResApp Health Limited (ASX: RAP) 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.

Pfizer Australia is a wholly owned subsidiary Pfizer Inc. (NYSE:PFE), one of the world’s premier innovative global biopharmaceutical companies striving to apply science and its global resources to bring therapies to people that extend and significantly improve their lives.

“We were thrilled to advise ResApp on this historic deal for the company. We look forward to seeing the continued development of the ResApp technology,” said James Nicholls, Perth Corporate Partner, DLA Piper Australia.

“The transaction highlighted the strength of DLA Piper’s interconnected Australian service offering. Our public M&A, litigation and regulation, competition and intellectual property teams worked seamlessly to deliver to client the desired result,” James added.

DLA Piper’s cross-practice team was led by Partners James Nicholls, Matt Spain, Greg Bodulovic and Fleur Gibbons, with assistance from Matthew Nowotny-Walsh, Nicole Breschkin, Kit Lloyd, Alex Wong, Margit Baranyay, Emily Donley, Ella Blythe, Madina Eira and Joshua Scoles.

This deal comes on the back of DLA Piper recently advising Lionheart III Corp on its US$360 million de-SPAC transaction with ASX-listed target Security Matters Limited, the first de-SPAC transaction involving an ASX-listed target.

In addition, it follows DLA Piper’s track record of advising clients on complex cross-border public market transactions, including Nearmap Ltd on its AUD1.05 billion acquisition by US private equity firm Thoma Bravo, South Korean POSCO International (PIC) with its proposed AUD860 million acquisition of a public Australian gas producer Senex Energy, Life360 on its acquisition of Tile and related AUD280 million capital raising, US-based Ares on its AUD 428 million sale of the AMP PrivateMarketsCo Infrastructure Investment Management Platform, ASX-listed US fintech company Credible Labs on its AUD585 million proposed merger with NASDAQ listed Fox Corporation, and UK-based Nordgold on its takeover bid for ASX/TSX dual-listed Cardinal Resources Limited operating in Ghana.