Health services technology and pharmaceutical distribution company Danam Health has signed a merger deal with publicly traded special purpose acquisition company Artemis Strategic Investment.
ASIC Merger Sub, a newly created subsidiary of Artemis, will be merged into Danam as part of the deal.
The merged business will be known as Danam Health Holdings Corporation and will have a pro forma equity value of $200m.
Artemis will support Danam by offering access to key markets and expediting the development of its health ecosystem model.
This approach will facilitate the closure of a crucial gap in the last-patient delivery of healthcare services.
Following the merger, Danam will focus on expanding its health ecosystem model to further patient care aspects such as remote patient monitoring and boosting care coordination among various healthcare providers.
The boards of directors of Danam and Artemis granted unanimous approval for the deal.
Danam CEO Suren Ajjarapu will become CEO and chairman of the board of directors of the combined company.
Ajjarapu stated: “The healthcare industry has seen rising costs, including $378bn spent on prescription drugs in 2021 alone.
“At Danam, we will focus on lowering these costs while improving medication adherence and promoting favourable outcomes in patient care.
“Our advanced technology solutions will aid consumers with taking control of their health by equipping them with convenient access to prescription and health services through our technology platform and applications.”
The merger will conclude in the fourth quarter of 2023.