Pfizer acquires UQ spinout for $179 million

Pharmaceutical giant Pfizer finalised the acquisition of Brisbane digital health startup ResApp Health for $179 million on Monday.

ResApp uses technology licensed from University of Queensland commercialisation company UniQuest in 2014, and developed by a team led by Associate Professor Udantha Abeyratne. It interprets a patient’s cough through a smartphone app to diagnose respiratory diseases including asthma, pneumonia, bronchiolitis and croup.

“This is one of the most exciting Australian biotech deals to come out of university research,” said UniQuest CEO Dr Dean Moss in a statement.

“It’s rewarding that the company’s technological breakthroughs have attracted this significant international backing.”

Pfizer first made an offer to purchase the ASX-listed company in April, before nearly doubling its offer per share to 20.7 cents.

The newly-acquired company recently announced positive results for a Covid-19 screening test, with clinical trials ongoing.

The company’s technology has earned recognition including a Global Grand Challenges grant from the Bill and Melinda Gates Foundation.

Picture: ResApp