Healthcare company Tabula Rasa has signed an agreement to be acquired by Rhode Island, US-based Nautic Partners for around $570m and merge with ExactCare Pharmacy, a portfolio company of Nautic.

Under the terms of the agreement, Nautic will acquire Tabula Rasa for $10.50 in cash per share. The transaction value includes net debt of around $262m, on an enterprise value basis.

Tabula Rasa stockholders will get $10.50 in cash for each share of common stock at the closing of the transaction. This represents a premium of roughly 34% to Tabula Rasa’s closing stock price on 4 August 2023.

Upon closing of the transaction, John Figueroa, who is already ExactCare’s executive chairman, will become the merged company’s chairman and CEO.

The combined firm will be led by Brian Adams, who is currently Tabula Rasa’s president and CEO. Tabula Rasa will continue to operate in all its sites, including Moorestown, New Jersey.

The deal is anticipated to conclude in the fourth quarter of 2023, subject to the satisfaction of customary closing conditions.

Adams said: “This transaction leverages ExactCare’s extensive experience partnering with providers and payers across the healthcare continuum and brings us together with a company whose culture, values and focus on optimising patient care are aligned with our mission at Tabula Rasa.

“We look forward to bringing our teams and solutions together to expand how we partner with payers and providers to improve patient care.”

The merger deal unites two healthcare organisations that integrate pharmacy services into population health to improve outcomes.

Both firms also aim to reduce the total cost of care for patients with complex needs, enabling them to succeed in home and community-based settings.

In addition, the products and solutions of the combined companies will also be more easily expandable into bigger adjacent markets using Tabula Rasa’s technology-enabled solutions that individualise care to decrease risk, increase efficacy, and improve efficiency.

Figueroa said: “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.”