MOUNTAIN VIEW, Calif.,
Nov. 29, 2016 /PRNewswire/
-- Omnicell, Inc. (NASDAQ: OMCL), a leading provider of
medication and supply management solutions and adherence tools to
healthcare systems and pharmacies, today announced that it has
signed an agreement to acquire Ateb, Inc., together with its
Canadian affiliate, Ateb Canada Ltd. With a demonstrated history of
growth, Ateb is the industry's leading provider of pharmacy-based
patient care solutions and medication synchronization to
independent and chain pharmacies. The shared portfolio supports the
Omnicell mission of increasing patient access to medication
adherence solutions to simplify management of chronic conditions,
with the goal of improving outcomes.
When implementing an adherence pharmacy, pharmacists must lay
the groundwork by synchronizing medication refills for patients,
which requires a software platform. Medication synchronization
involves the pharmacist coordinating the refill medications so
patients can pick them up on a single day each month. This is a
necessary precursor to additional adherence tools, and has
historically been a barrier to adoption of multi-medication blister
packaging. The incorporation of Ateb's Time My Meds®, an
integrated medication synchronization solution that improves
pharmacy performance, provides the foundation for the
appointment-based model of medication refill pickup and
consultation. For pharmacies that are investing in adherence
programs, synching medication refills is often the first step in
scaling their programs and taking more ownership in patient care
and outcomes.
The number of Americans affected by at least one chronic
condition requiring medication therapy is expected to increase to
157 million by 2020.1 To help this growing patient
population manage its conditions, outpatient pharmacists are
investing in adherence solutions, including medication therapy
management, medication synchronization, and adherence packaging. By
combining Ateb's expertise in medication synchronization with
Omnicell's adherence packaging, this partnership will enable
outpatient pharmacists to more easily establish and scale their
adherence programs, as patients look for additional support in
managing their conditions.
"This acquisition demonstrates Omnicell's commitment to
supporting the growing shift in how patients receive services along
the entire continuum of care, elevating the role of pharmacists in
improving overall patient safety and outcomes," said Rob Seim, president of Global Automation and
Medication Adherence at Omnicell. "Ateb's solutions are currently
provided to over 15,000 pharmacies in the U.S. and Canada, and for a quarter of a century the
company has been helping pharmacists—who are the most visible and
accessible care providers in the community—fulfill their mission of
serving patients."
"As the leader in helping pharmacies develop synchronization
programs that improve the health of their patients, we believe
today's announcement will help our customers continue to grow their
adherence programs for the benefit of their patients," shared
Frank Sheppard, president and CEO of
Ateb, Inc. "This integration creates a clear path between the
various stages of successful adherence programs and is an
instrumental step in making these offerings a more routine and
expected component of outpatient care."
Transaction Highlights
Omnicell will acquire Ateb, Inc. for approximately $41 million, subject to certain adjustments, in
an all cash transaction. Omnicell expects the transaction to close
during the fourth quarter of 2016, subject to the satisfaction of
customary closing conditions.
Ateb, Inc. recorded approximately $27
million of (unaudited) revenue during the 12-month period
ended September 30, 2016. Omnicell
expects the transaction to be accretive immediately on a Non-GAAP
basis.
To finance the transaction, Omnicell will use available cash on
hand and proceeds from its senior secured credit facility. A
presentation describing the transaction will be available in the
"Investor Relations" section of Omnicell's website at
www.Omnicell.com.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements relating to the
anticipated acquisition of Ateb, Inc. and its Canadian affiliate,
Ateb Canada Ltd., and the timing and benefits thereof and the
expected impact of the acquisition, including on the financial
results of Omnicell. As such, they are subject to the
occurrence of many events outside Omnicell's control and are
subject to various risk factors that could cause actual results to
differ materially from those expressed or implied in any
forward-looking statement. Risks include, without limitation,
risks related to Omnicell's ability to complete the acquisition on
the proposed terms and schedule; risks associated with business
combination transactions, such as the risk that the businesses will
not be integrated successfully, that such integration may be more
difficult, time-consuming or costly than expected or that the
expected benefits of the acquisition will not occur; risks related
to future opportunities and plans for the combined company,
including uncertainty of the expected financial performance and
results of the combined company following completion of the
proposed acquisition; disruption from the proposed acquisition,
making it more difficult to conduct business as usual or maintain
relationships with customers, employees or suppliers; and the
possibility that if the combined company does not achieve the
perceived benefits of the proposed acquisition as rapidly or to the
extent anticipated by financial analysts or investors, the market
price of Omnicell's shares could decline. Other risks that
contribute to the uncertain nature of the forward-looking
statements include our ability to take advantage of the growth
opportunities in medication management across the spectrum of
healthcare settings, including by increasing patient access to
medication adherence solutions through relationships with
pharmacies, unfavorable general economic and market conditions,
risks to growth and acceptance of our products and services, the
potential of increasing competition, potential regulatory changes
and the ability of the company to improve sales productivity to
grow product bookings, to develop new products and to acquire and
successfully integrate companies. These and other risks and
uncertainties are described more fully in Omnicell's most recent
filings with the Securities and Exchange Commission.
Prospective investors are cautioned not to place undue reliance on
forward-looking statements. All forward-looking statements
contained in this press release speak only as of the date on which
they were made. Omnicell undertakes no obligation to update
such statements to reflect events that occur or circumstances that
exist after the date on which they were made.
About Omnicell
Since 1992, Omnicell (NASDAQ: OMCL) has been inspired
to create safer and more efficient ways to manage medications and
supplies across all care settings. As a leader in medication and
supply dispensing automation, central pharmacy automation, IV
robotics, analytics software, and medication adherence and
packaging systems, Omnicell is focused on improving care across the
entire healthcare continuum—from the acute care hospital setting,
to post-acute skilled nursing and long-term care facilities, to the
patient's home.
Over 4,000 customers worldwide use Omnicell®
automation and analytics solutions to increase operational
efficiency, reduce medication errors, deliver actionable
intelligence and improve patient safety. The recent acquisition of
Aesynt adds distinct capabilities, particularly in central pharmacy
and IV robotics, creating the broadest medication management
product portfolio in the industry.
The Omnicell SureMed® solution provides innovative
medication adherence packaging to help reduce costly hospital
readmissions. These medication adherence solutions are used by over
17,000 institutional and retail pharmacies in North America and the United Kingdom.
These pharmacies are served via Omnicell's sales channels and our
solutions enable them to maintain high accuracy and quality
standards in medication dispensing and administration while
optimizing productivity and controlling costs.
For more information about Omnicell, Inc. please
visit www.omnicell.com.
About Ateb
Ateb is the trusted source for independent and chain pharmacies
seeking measurable pharmacy-based patient care solutions that
improve pharmacy performance and patient outcomes. Ateb's patented
technologies and robust analytics provide pharmacies with real
proof of performance regarding patient care outcomes that generate
new revenue streams. Ateb's Patient Management Access Portal is the
nexus of Ateb's entire portfolio of patient care solutions and the
leading driver of a pharmacy's appointment-based model in the
market today. By combining Ateb's proprietary blend of pharmacy
operational expertise, technology, analytics, and data integration,
Ateb is driving healthy outcomes for patients, pharmacies, and
payers.
For more information, please visit; www.ateb.com.
OMCL-G
Editor's Notes:
- All Omnicell news releases (financial, acquisitions, products,
technology etc.) are issued exclusively by PR Newswire and are
immediately thereafter posted on the company's external website,
omnicell.com.
- Omnicell, the Omnicell logo design, and SureMed are registered
trademarks of Omnicell, Inc.
- All other brand or product names may be trademarks or
registered trademarks of their respective companies.
1 Script Your Future, November
2011.
http://www.scriptyourfuture.org/wp-content/themes/cons/m/release.pdf
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SOURCE Omnicell, Inc.