Mobile-health Network Solutions (MNDR) said Wednesday it plans to acquire Indopacific Health Technology, a pharmacy and telehealth platform operating in Indonesia under the Lifepack name, for $7.2 million in cash and stock, subject to completion of due diligence and execution of a definitive agreement.

Under the terms of the prospective transaction, Singapore-based Mobile-health said it will pay $200,000 in non-refundable cash and issue 875,000 of its class A ordinary shares to Lifepack, contingent on the target company reaching its 2025 revenue target.

The deal values Mobile-health shares at $8 apiece, or nearly 5 times Tuesday's closing price, which the company said demonstrates "the perceived value and future potential of the combined entity."

Mobile-health shares were climbing 3.5% in recent Wednesday trading.