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Moorestown-based Tabula Rasa HealthCare Inc. said Oct. 31 that its stockholders approved a previously announced $570 million acquisition by a private equity firm. 

The purchase by Providence, R.I.-based Nautic Partners would also include net debt of approximately $262 million. 

Originally announced in August, the deal is expected to close during the fourth quarter of 2023, subject to customary closing conditions. If approved, Tabula Rasa would combine with Nautic’s ExactCare Pharmacy and would become a privately held company. At that point, shares of TRHC common stock would no longer be listed on the Nasdaq Stock Market. 

Additionally, ExactCare Executive Chairman John Figueroa would assume the role of chairman and CEO of the combined company, and Brian Adams, who was named Tabula Rasa president and CEO in April, would serve as president. 

Tabula Rasa will continue operations in its current locations, including Moorestown, the company said when the deal was announced. 

“We are happy to have the strong support of Tabula Rasa’s stockholders who recognize the value of bringing us together with Nautic’s ExactCare portfolio company to advance our ability to partner with risk-bearing healthcare organizations serving those with complex care needs,” Adams said in a statement, adding that the new company will allow the team to “extend our reach and position us to take advantage of existing and emerging opportunities.” 

Over the past year, Tabula Rasa has gone through several leadership transitions. In September 2022, the company entered into a cooperation agreement with Indaba Capital Management, its largest stockholder with an approximately 25% equity stake, to “refresh” the company’s board of directors. At that time, the medical tech company’s co-founders also retired and stepped down from the board. 

When the acquisition was announced this summer, Indaba agreed to vote its shares of common stock in favor of the transaction. 

Michael Purcell, Tabula Rasa independent board chairman, said in August, “The Board has worked closely with Brian and the team to position Tabula Rasa for value enhancing opportunities since its reconstitution in 2022. This transaction now provides our stockholders with a significant premium and liquidity – while also accelerating our investments in solutions that transform patient quality of life and improve the performance of our payer and provider clients.” 

Tabula Rasa offers comprehensive pharmacy services, including personalized, precision medication management and delivery as well as clinical and business management tools. ExactCare is a national medication management and pharmacy care provider.  

“Tabula Rasa has deep expertise managing care for the most vulnerable patients in our healthcare system and driving meaningful clinical and financial outcomes for the payers and providers that care for those patients,” Figueroa said in August. “Combined with ExactCare’s comprehensive long-term pharmacy care services that have served hundreds of thousands of people across the country, we will be even better positioned to put patients first to improve their health and wellness.”