Foley & Lardner LLP represented PetMed Express, Inc. (NASDAQ: PETS), an online pharmacy that sells prescription and non-prescription pet medication and nutritional supplements, in its partnership with Vetster, a leading veterinary telemedicine and pet-care marketplace. The deal unlocks access to virtual, around-the-clock pet healthcare for PetMeds' 2 million-plus pet parents and integrated fulfillment of pet medications for veterinarians and vet clinics.
Through the agreement, PetMeds becomes the exclusive e-commerce provider of pet medications for Vetster, and Vetster becomes the exclusive provider of telehealth and telemedicine services to PetMeds' customers. Under the partnership, customers of PetMeds will be able to seamlessly utilize Vetster's technology to connect virtually with a veterinarian while continuing to provide fast and accurate delivery of prescriptions and over-the-counter pet medications.
The announcement comes on the heels of Vetster's recent $30 million Series B funding, in which PetMeds contributed a $5 million minority investment. PetMeds has the opportunity to receive additional shares through the exercise of warrants for an increased equity stake in Vetster, with such warrants being tied to future performance milestones.
Founded in 1996, PetMed Express delivers prescription and non-prescription pet medications and other health products at competitive prices direct to the consumer. PetMeds has the largest number of veterinary pharmacists in the world, carries all major brand medications, and has serviced over 11 million customers across America.
The Foley deal team was led by Partner Curt Creely and included Foley Partners Aaron Tantleff and Kyle Faget and Associates Matthew Deegan, Olivia King and Zachary Sher.