GoodRx Closes Acquisition of vitaCare, A Tech-Enabled Pharmacy Services Platform
SANTA MONICA, Calif.--(BUSINESS WIRE)--Apr. 14, 2022--
GoodRx (Nasdaq: GDRX), a leading consumer-focused digital healthcare platform, today announced the completion of its previously announced acquisition of vitaCare for $150 million in cash, with an additional $7 million of consideration contingent payment upon vitaCare’s financial performance through 2023. VitaCare is a pharmacy services platform that expands GoodRx’s offering to pharmaceutical manufacturers while helping to improve patient access and adherence to affordable brand drugs. The acquisition will enable GoodRx to help more patients receive their prescriptions in an efficient, affordable, and transparent manner, and stay on their prescribed therapies as long as appropriate. In addition, the acquisition is expected to further strengthen our rapidly growing Pharma Manufacturer Solutions offerings which span medication awareness, access, and adherence with unique capabilities.
“The vitaCare acquisition gives us unique capabilities to facilitate the brand prescription process from start to finish, expanding our capabilities beyond our digital platform and into the patient’s pharmacy journey,” said Doug Hirsch, co-CEO and co-founder of GoodRx. "We look forward to growing our reach across consumers and providers, along with our established relationships with manufacturers, to help more patients access the brand drugs they need."
GoodRx plans to provide an update on the impact of vitaCare to its 2022 financial guidance during its first quarter 2022 earnings conference call scheduled for Monday, May 9, 2022.
GoodRx is a leading consumer-focused digital healthcare platform. Our technology delivers strong savings, trusted information and access to care to make healthcare affordable and convenient for all Americans. Since 2011, we have helped consumers save over $35 billion and are one of the most downloaded medical apps over the past decade.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the benefits of the vitaCare acquisition, the impact to future financial results from the vitaCare acquisition, our relationships with manufacturers and the services we provide manufacturers. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, risks associated with acquired businesses, including the ability to integrate acquired operations, products, and technologies in our business; risks associated with the Company's acquisition strategy; failure to realize the full value of goodwill and intangible assets; restructuring risk; and the other important factors discussed under the caption “Risk Factors” in GoodRx’s Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
VitaCare is a technology and services platform that helps patients navigate key access and adherence barriers for brand medications. Specifically, vitaCare helps patients understand coverage and identify available savings opportunities, and facilitates communications between providers and payors. The platform also offers a seamless path for filling a prescription, primarily through its network of third-party pharmacies.
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