Australian digital health company ResApp Health (ASX:RAP) is urging shareholders to support Pfizer's acquisition of the company after the competition regulator confirmed it will not review the proposal.
Pfizer Australia moved to acquire the company that develops smartphone applications for the diagnosis and management of respiratory disease in April.
The proposed acquisition values ResApp Health at over $100 million.
The Australian company has announced that the Australian Competition and Consumer Commission (ACCC) has advised that after considering the information provided by the parties it does not intend to conduct a public review of the proposed acquisition.
The decision means a key condition of the acquisition has been satisfied. It is still subject to approval by the shareholders of ResApp Health.
The company's board has voted in favour of the acquisition and recommended that shareholders also support it.