Tabula Rasa HealthCare entered into a definitive agreement to sell its PrescribeWellness business, a provider of patient relationship management solutions, to Transaction Data Systems, the Moorestown company announced June 21.
Financial terms of the deal, which is expected to close in the third quarter of 2022, were not disclosed.
Jude Dieterman, chief executive officer of TDS, said in a statement that adding PrescribeWellness to its existing offerings “will enable our pharmacist customers to engage with patients, ensure access to the right therapies, drive medication adherence, improve outcomes, boost patient loyalty and generate incremental pharmacy revenue.”
Additionally, the companies agreed to a strategic partnership to integrate Tabula Rasa’s proprietary MedWise Science — a multidrug analysis tool that identifies the cause of medication-related problems, including adverse drug effects — into TDS’ pharmacy management systems at the completion of the transaction.
TDS, headquartered in Ocoee, Fla., provides technology solutions and management systems to more than 15,000 community and chain pharmacies.
“Today’s announcement is a significant, strategic step forward in unlocking stockholder value, while extending the reach of our MedWise Science through TDS’s strong network,” TRHC Chairman and CEO Calvin Knowlton said in a statement.
Citigroup Global Markets Inc. is acting as exclusive financial advisor to TRHC, and Morgan, Lewis & Bockius LLP is serving as legal advisor to TRHC. Keval Health is acting as financial advisor and Simpson Thatcher & Bartlett LLP is serving as legal advisor to Transaction Data Systems.