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ASX-listed health company makes key acquisition

Iain Laughland

Mills Oakley has advised ASX-listed Volpara Health Technologies Limited on its most recent acquisition and associated fully underwritten equity capital raising.

Firm: Mills Oakley (Volpara Health Technologies Limited)

Deal: Volpara Health Technologies Limited (Volpara) has acquired Seattle-based MRS Systems Inc and conducted an associated $55 million fully underwritten equity capital raising to fund the acquisition and to provide further capital for growth.

Value: $55 million equity capital raising which consisted of a $10 million ANREO capital raising and a $45 million institutional placement.

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Area: M&A, Corporate

Key players: The Mills Oakley team consisted of associate Renée Gilead, lawyer John Breen, graduate Darwin Ni and was led by corporate partner Iain Laughland. 

Deal significance: Volpara is described as a New Zealand-headquartered global medical technology company whose artificial intelligence (AI) imaging algorithms assist the early detection of breast cancer, while MRS Systems is a medical software company that provides comprehensive patient tracking, communication and a radiology reporting platform for sub-specialty radiology applications including breast and lung imaging throughout the United States.

The acquisition of MRS Systems by Volpara represents its first since listing on the ASX in 2016.

“We are pleased to have continued our close association with the Volpara team and to have played a small part in helping Volpara’s ongoing goal of saving families from the impact of breast cancer through the use of its risk-assessment technology,” Mills Oakley lead partner Iain Laughland said.

“The acquisition and capital raising will allow Volpara to expand its global footprint and will allow an even greater number of women to be screened using Volpara’s advanced technology platform that is clinically proven to assist with the early detection of breast cancer.”

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