Spun out as a UA startup company in 2013, SinfoníaRx pioneered modern medication therapy management services and has now been purchased by Tabula Rasa HealthCare Inc.
SinfoníaRx, a wholly owned subsidiary of Sinfonía HealthCare Corp., has been acquired by Tabula Rasa HealthCare (NASDAQ: TRHC), a public health care company that provides individualized, data-driven technology solutions.
The transaction closed on September 6, 2017. According to the Tabula Rasa HealthCare investor presentation (9/7/17), the transaction includes:
- Price: $35 million cash/520,833 shares of common stock
- Potential Earn Outs: Up to $85 million – 50%v cash and 50% stock (subject to adjustment) based on 2017 and 2018 earn outs on 2017 & 2018 adjusted EBITDA target.
SinfoníaRx is a health care company whose mission is to provide the highest-quality solutions for health plans, patients and caregivers. Spun out as a UA startup company in 2013, SinfoníaRx pioneered modern medication therapy management, or MTM, services.
“SinfoníaRx is a prime example of the practical impact research at a major university can have on people’s lives,” said UA President Robert C. Robbins, who is also a cardiothoracic surgeon. “This is both an economic development and a health care story, as SinfoníaRx has employed thousands of pharmacists and pharmacy students across the country preventing medication interaction errors. This is an incredible outcome and I hope it inspires others at the UA.”
SinfoníaRx President Kevin Boesen, the original visionary behind the system, and CEO Fletcher McCusker co-founded SinfoníaRx with the support of Tech Launch Arizona. TLA is the commercialization arm of the UA for inventions stemming from research and innovations developed by faculty and staff.
“Assisting Dr. Boesen and the faculty in commercializing this idea is one of our proudest moments,” McCusker said. “With the help of TLA, we were able to take an inspired service built inside the College of Pharmacy and introduce Medication Management to the world as a private company. Since then, SinfoníaRx has exploded, thanks in a large part to adding private-sector hustle and investment to brilliant University of Arizona science and software.”