CANADA – Canadian online pharmacy Mednow has completed its purchase of Infusicare Canada Inc., a specialty pharmacy specializing in biologic drugs, for C$1.85 million (US$1.44 million) in cash.
The announcement comes just months after the company debuted its own telehealth service to supplement its virtual pharmacy offerings.
Mednow sees this latest acquisition as a way to strengthen its position in the biologics market and expand its capacity for same-day delivery.
Biologics, or medicines derived from living organisms or their cells, are a growing class of drugs, but they can be costly.
“Mednow continues to achieve its vision of connecting all people of Canada with access to amazing care, through the acquisition of Infusicare,” Karim Nassar, CEO of Mednow, said in a statement.
“Adding Infusicare, a specialty pharmacy offering biologic drugs, complements our approach to accelerating our strategy of full-service offerings through both organic development and mergers and acquisitions. [The] specialty pharmacy will integrate well into our digital pharmacy, which offers unique medication adherence solutions in addition to mental health support, epigenetic testing and men’s wellness.”
Mednow went public earlier this year, and the company began trading on the TSX Venture Exchange in March.
Aside from its most recent acquisition, which was first announced last month, Mednow has also acquired home care provider Medvisit and another online pharmacy in British Columbia this year.
It has also invested in Doko Medical, a virtual care company that operates in the United States and Canada.
On the market, a number of companies provide virtual pharmacy services, and several of them have expanded into telehealth.
Truepill announced plans to add a COVID-19 virtual care platform earlier this month, just months after raising US$142 million in Series D funding.
Through a partnership with Truepill, Sesame, a direct-payment healthcare marketplace, launched its own digital pharmacy services in late August.
Amazon, which launched its Amazon Pharmacy shop about a year ago; Alto, which partnered with Hims & Hers last year and received US$250 million in Series D funding; and Medly, which closed a US$100 million Series B round in 2020, are among the others in the space.
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