LONDON, UK: MyHealthChecked Plc announced the acquisition of 100% of the outstanding share capital of Nell Health Ltd, a provider of genetic testing and personalised nutrition consultancy services, for an initial consideration of £1.202m, comprising £1.152m in payable in shares and £0.05m in cash, and a deferred consideration of up to £1.0m payable in shares and linked to performance milestones, a news release said.
Nell Health, based in New Covent Garden Market, has developed an innovative technology platform that offers users personalised accessible and actionable outcomes to improve health and wellness based on information gathered from a Nell Health DNA test.
Customers taking a test are provided with diet and exercise insights by experts, based on the analysis of DNA relating to nutrition including food intolerance, potential vitamin deficiencies and exercise types that suit that individual’s body.
Nell Health’s platform draws from multiple databases to create dynamic information that is updatable. The innovative way that the platform has been built means that as the platform and the portfolio develop, the technology adapts to further optimise the customer experience, and deliver an holistic approach for the end-user.
The transaction gives MyHealthChecked (NHC) full ownership of the platform and tests developed to date, which will be processed in the company’s Manchester laboratory. The Nell Heath products and services will be available once transfer to the MHC laboratory is complete.
Key Nell Health personnel will join the team including CEO Laura Moore who will join MHC as a Non-Executive Director from October 2021, and Samuel Colvin who will lead the company’s technology development as Chief Technology Officer with immediate effect. Isabela Ramos will join the executive team as Technical Product Manager, and Medical Doctor Gavin Ralston, and Nutritional Geneticist Yiannis Mavrommatis will join MHC’s Advisory board.
Penny McCormick, Chief Executive Officer of MyHealthChecked Plc, said: “The acquisition of Nell Health brings us ownership of a bespoke, sophisticated platform that will enable us to retain full ownership and IP for all of our future digital technology. Laura has led the team in the development of a strong testing panel and app, and done so with a level of scientific rigour that has been 100% in line with the standards and ethos of MHC and The Genome Store, which we acquired at the end of last year.
“Samuel is exceptionally talented and has developed a platform that we are not only excited to be building upon, but which also marks the evolution of MHC further towards the healthcare technology space. Laura and Samuel, alongside Isabela, Gavin and Yiannis bring a high level of experience, along with a passion and drive, that is highly complementary to our existing portfolio, brand and ethos, and we are delighted to be welcoming them to MHC”.
Acquisition further supports one of the Company’s key strategic areas of focus: the growth of the overall product portfolio into wider other areas of personalised health and wellbeing. The Acquisition also sits well alongside MyHealthChecked’s home administered postal genomic testing services, integrated into the business following the acquisition of The Genome Store in November 2020, and currently with its COVID-19 sample collection kit and service sold direct to consumer and via Boots, the leading high street pharmacy retailer.
Nell Health is set up to provide services to health providers and professional, private nutrionists and dietitians, corporate customers for workplace wellbeing programmes, as well as selling directly to individual consumers. The portfolio will launch under the MHC brand in 2022.
Laura Moore, CEO of Nell Health, further commented: “Nell has spent almost 4 years developing in-house science and actionable behavioural linkages, including our combined genetic and wellness tracking tests, whilst building a tech platform that is built to scale as the science and consumer experience progresses. With a powerful set of goal and partner services in the pipeline, we look forward to working with the experienced MyHealthChecked team to collaborate in joint launches and to scale these in the future. Both teams share a passion for this fast-paced space where we can help people to actively manage their wellbeing and to improve their lives every day.
“Since I met Penny and the MyHealthChecked team earlier this year, the synergies between our businesses have always been clear. This deal presents an exciting opportunity for both our teams to innovate faster, expand capabilities and win in the rapidly growing consumer wellness space in the UK and with ambitions for expansion internationally.”
The initial consideration comprises £1.202m to be paid upfront upon completion, along with a deferred consideration element of up to £1.0m subject to agreed performance milestones being met. The initial consideration is to be satisfied by the issue of 27,842,931 new ordinary shares of 0.1p each in the capital of MHC at a price of 4.1375p per share. This represents a premium of 14.9 % to the closing mid-market price of 3.6 pence on 25 June 2021, the latest practicable date prior to the signing of the sale & purchase agreement.
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25 Jun, 4:29 pm GMT+1 ·Disclaimer