Health Tech Company Medivolve Finalizes Acquisition of CalVax Licensed Marbella Pharmacy
Medivolve Closes Marbella Pharmacy Deal Supporting Next Phase of Growth in Combining Data-Driven Clinical Diagnostics, Physician Recommendations, and Prescription Medications to Help People Live Healthier Lives
Medivolve, Inc, a healthcare technology and services company, is pleased to announce on August 13, 2021, it closed the previously announced acquisition of Marbella (“Marbella” or the “Pharmacy”), an open-door retail pharmacy.
Located in San Juan Capistrano, California, Marbella specializes in traditional medication and non-sterile compounded products, immunizations, and specialty and maintenance medications. Marbella also provides no cost door-to-door prescription delivery service and is reputed for servicing the underserved and worker’s compensation patients.
As announced on June 17, 2021, the Pharmacy became CalVax approved and participates in the California COVID-19 Vaccination initiative, administering vaccines through its retail locations, along with partner clinics.
“Now that the acquisition is final, Medivolve will expand the use of Marbella, leveraging its ability to deliver patient care through immediate access to pharmaceutical distribution throughout the state of California,” confirms David Preiner, CEO of Medivolve, Inc. “As we launch telehealth programs at our mobile health clinics across the United States, expand our footprint within school systems and government entities, we will continue to harness the transformative power of technology to help more people live healthier lives.”
“I am very happy the transaction is complete. The combination of Marbella’s unique pharmaceuticals and Medivolve’s growth plans in the health tech space will be truly powerful. I am proud to have found such a synergistic marriage, and we are very much looking forward to watching the combination grow,” says James Harmon, CEO of Marbella.
As consideration for the acquisition of the Pharmacy, Medivolve has agreed to: (i) immediately issue 2 million Medivolve common shares to the shareholders of Marbella; and (ii) within 45 days of closing, pay cash consideration of US$275,000 to the Marbella shareholders. In addition, Medivolve has agreed to pay the Marbella shareholders a fee of US$5.00 per serviced COVID-19 vaccination conducted through the Marbella pharmacy license for a period of 60 months post closing.
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