Premier Health Group Inc. agreed to acquire a pharmacy, also located in Canada, for about C$1.4 million.
The consideration comprises a C$200,000 deposit, which was paid when the parties signed of a binding letter of intent, C$350,000 to be paid upon signing of a definitive agreement, C$650,000 due on closing and C$150,000 due six months after closing.
Premier Health Group said the acquisition of its first pharmacy, in Vancouver, British Columbia, allows it to introduce pharmacy services to its telemedicine app and potentially improve order fulfillment.
The transaction is expected to close in the first quarter of 2019, subject to customary closing conditions.
Premier Health Group develops healthcare approaches that combine human skill-based expertise with emerging technologies. The company has an ecosystem of more than 100,000 active patients.