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Lake Tekapo
11 April 20223 minute read

DLA Piper advises Resapp Health Limited on entry into a scheme implementation deed and research, development and license agreement with Pfizer

Global law firm DLA Piper have advised ASX listed ResApp Health Limited (ASX:RAP) (ResApp) on its entry 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 by way of a Scheme of Arrangement (the Scheme) for A$0.115 per share in cash, representing a total equity value of approximately A$100 million.

In addition to the Scheme, DLA Piper has also advised ResApp on entry into a Research, Development and Licence Agreement pursuant to which Pfizer and ResApp will collaborate on the research and development of products in the field of COVID-19.

The proposed acquisition and research collaboration are the culmination of the dedicated work by the ResApp team to build ResApp into a leader in audiobased analysis of respiratory health, and will bolster ResApp's already growing digital capabilities.

It is currently anticipated that ResApp shareholders will be given the opportunity to vote on the Scheme at a Scheme Meeting expected to be held in mid June 2022 and, if approved the Scheme would be implemented shortly thereafter.

DLA Piper’s team was led by Partners James Nicholls, Greg Bodulovic and Fleur Gibbons with assistance from Kirsty Hall, Nicole Breschkin, Chantal Encavey, Kit Lloyd, Emily Donley and Joshua Scoles.

James Nicholls said: “An interconnected team across public M&A, anti-trust and IP was required to deliver a clear understanding of the value proposition at short notice. DLA’s teams, as always, overperformed and we were able to meet the client’s requirements. Looking forward to seeing how this transaction develops.”