WATERTOWN, Mass. (AP) — Healthcare technology company Athenahealth Inc. said Monday that it is buying medicine-app maker Epocrates Inc. for about $292.2 million in cash in an effort to attract more physicians and offer them more services.
Under the terms of the agreement, the Watertown, Mass.-based company will pay $11.75 per share for Epocrates. That's 22 percent above the San Mateo, Calif.-based company's Friday closing stock price of $9.62. Epocrates stock jumped $2.14, or 22 percent, to $11.76 in premarket trading Monday.
Epocrates makes an app that allows doctors to look up data about medications on smartphones and tablets. Drugmakers provide most of Epocrates' revenue by buying ads within the app.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
