The transaction was valued at approximately $135m
Arnold Bloch Leibler (ABL) has advised medical prescriptions business InstantScripts on its recent $135m acquisition deal with a Westfarmers Limited subsidiary.
Under the transaction, InstantScripts agreed to sell 100% of its company shares to Australian Pharmaceutical Industries, a wholly-owned subsidiary of Wesfarmers Limited. Following the acquisition, InstaScripts will become part of the Westfarmers Health division. InstaScripts is expected to complement Westfarmers Health's portfolio and leverage its existing pharmacy and Clear Skincare networks.
InstantScripts was established in Melbourne in 2018, offering a platform for patients to obtain express medical prescriptions online for over 300 medicines. The company also works with over 2,500 pharmacies across Australia. Some of the online services that InstaScripts offers include accessing prescriptions for everyday medications, speaking to a doctor, obtaining a medical certificate or getting blood test requests. This unique service caught the attention of Wesfarmers, which aims to expand its presence in the health sector.
"Over recent years, telehealth has emerged as an important service, complementing the care delivered through GP practices, pharmacies and other allied health providers," Wesfarmers Health managing director Emily Amos said. "Our goal is to make Australians' health, beauty and wellness experiences simpler, more affordable and easier to access. InstantScripts provides flexible services that are available at short notice and outside of normal consultation hours and is accessible to patients in remote areas and those who have difficulty visiting a GP".
Corporate and M&A partner Jeremy Leibler led the ABL team who advised on the deal, with the support of senior associates Gabriel Sakkal and Ari Bendet; lawyer Stephanie Aitken; and law graduate Omer Samuni.
"We look forward to seeing how this milestone transaction will shape the future of the digital health space", Leibler said.
