UpHealth, Inc., a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management, announced it has reached a definitive agreement to divest Innovations Group Inc., including its compounding pharmacy subsidiary, MedQuest Pharmacy, Inc., to Belmar Pharma Solutions for approximately $56 million in gross proceeds.
“Today’s announcement is the result of a commitment to our focus on building a modern integrated platform based on our Telehealth, Integrated Care, and Behavioral Health businesses,” says Chief Executive Officer Sam Meckey. “This comes on the heels of a complete rationalization and transformation of our business. Our goal is to establish a solid foundation as a technology and technology-enabled services business that can sustainably scale. The divestiture of the well-performing IGI represents a major step forward in sharpening our focus, and a significant milestone as we concentrate on the segments with the greatest opportunity for growth.”
The transaction is expected to close in May and is subject to customary closing conditions. Bourne Partners acted as exclusive financial advisor to UpHealth on the transaction.
