Athenahealth, Inc to buy Epocrates
Athehealth, Inc has signed definitive agreement to buy Epocrates, Inc. a mobile health pioneer widely recognized for developing the most-widely adopted point-of-care medical application among the U.S. physicians.
The board of directors of each of athenahealth and Epocrates has agreed to a price of $11.75 per share, in cash, for an aggregate purchase price of approximately $293 million.
The purchase price represents a 22 percent premium over the closing price per share of Epocrates on NASDAQ on Friday, January 4, 2013.
This is an all-cash offer for all the outstanding shares of Epocrates’ common stock. Athenahealth aims to finance this acquisition using available cash and funds available from its existing credit facility.
The closing of the transaction is subject to the approval of Epocrates shareholders and other customary closing conditions and is presently expected to occur early in the second quarter of 2013.
The Epocrates shareholders representing approximately 17.5% of the outstanding common stock have agreed to vote their shares in favor of the transaction.
With the acquisition of Epocrates, Athenahealth believes it will be able to better serve an expanded network of providers.
The company also plans to build upon Epocrates’ success to date in transforming the way physicians access and engage with clinical information, with each other and with their patients.
Athenahealth, Inc is a provider of cloud-based electronic health record, practice management and care coordination services to medical groups and health systems.