Custom Health to buy medication dispenser maker Spencer Health Solutions
Last updated: 10:35 05 Aug 2026 EDT, First published: 08:35 05 Aug 2026 EDT
Custom Health Holdings Inc (TSX:CHLT) will acquire Spencer Health Solutions Inc, maker of the spencer smart medication dispenser and in-home monitoring platform, in a deal worth up to US$25 million, the company said Wednesday.
Custom Health already deploys the spencer device as part of its medication management model. The acquisition brings the technology in-house, giving the company control of Spencer's product roadmap and engineering.
Patient data from the devices feeds into Custom Health's AdhereNet platform, which uses AI-enabled workflows to flag issues for clinical follow-up. The company's pharmacist-led clinicians act on those signals by contacting patients, engaging caregivers, and coordinating with providers as part of Remote Patient Monitoring and Remote Therapeutic Monitoring programs.
"Spencer's technology has already proven itself as an important part of how we deliver continuous, real-time visibility into medication use at home, including Remote Therapeutic Monitoring," said Shane Bishop, CEO of Custom Health.
“This acquisition represents another step in Custom Health's strategy of building the infrastructure for medication management at home by expanding capabilities and creating more opportunities to deploy technology-enabled, pharmacist-led care.”
Under the deal terms, Custom Health will pay up to US$1.5 million in cash, plus stock consideration through pre-funded warrants valued at approximately US$23.5 million, subject to working capital adjustments. The warrants carry a 12% annualized gross-up adjustment calculated from closing to the exercise date and are exercisable for common shares starting 90 days after closing.
Share issuance under the warrants is capped at 24.999% in aggregate and 19.99% individually of shares outstanding before closing, per Toronto Stock Exchange policy. Any unissued shares beyond those caps will be recognized through promissory notes.
Custom Health's existing funding and forbearance arrangement with Spencer and Research Corporation Technologies Inc will convert into full ownership under the agreement.
Spencer will operate as a wholly owned subsidiary of Custom Health following closing.
Shares of Custom Health jumped around 6.5% on Wednesday morning in Canada following the news.
