CORUM Group Ltd has agreed to sell its Pharmacy Software business to Jonas Software AUS Pty LTD for a total cash deal of $6.25m subject to customary completion adjustments (PD Breaking News Fri).
Commenting on the transaction, Nick England, Executive Chairman said, "the sale of our Pharmacy Software business completes the streamlining of the Group following the disposal of the e-commerce real estate business in FY22".
"We are now fully focussed on our PharmX and PharmXchange businesses and providing value-enhancing services to both pharmacies and their suppliers.
"Furthermore, we firmly believe our relationship with both suppliers and POS vendors will be greatly enhanced by our independence as a service provider following the sale of the Pharmacy Software business.
"On completion of the sale and pending the settlement of the recently announced judgement in the Court proceeding against Fred IT, which is still subject to appeal, the Board will be considering a range of potential capital management options."
The transaction will include the sale of two subsidiaries, Corum Health Pty Ltd and Amfac Pty Ltd.
The purchase price of $6.25 million, on a cash free and debt free basis and subject to working capital adjustments, comprises:
* an initial purchase amount of $4.75 million; and
* a deferred purchase amount of $1.5 million (payable on the first anniversary of completion, subject to any price adjustment for working capital adjustments or warranty claims).
Corum said there is also opportunity for additional payments on the first and second anniversary of completion.
The above article was sent to subscribers in Pharmacy Daily's issue from 24 Jul 23
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 24 Jul 23
