ResApp will be paid $3 million upfront for the licensing deal and a potential $1 million more in milestone payments. Last month it told investors initial trials of the COVID-19 diagnostic tool had successfully detected the virus in 92 per cent of cases.

“This proposed acquisition and research collaboration add to our growing digital capabilities and bolster our efforts to pave a new era for digital health,” Lidia Fonseca, Pfizer’s chief digital and technology officer said in a statement.

ResApp’s board has unanimously recommended that shareholders back the scheme, which will require investor approval and ticks from an independent expert and the Australian Competition and Consumer Commission.

However, some shareholders may be less than pleased with the 11.5 cent takeover price, with many taking to social media to say the offer was too cheap, given ResApp’s historical price of around 50 cents per share in 2016.

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