Becton Dickinson is buying Parata Systems from Frazier Healthcare Partners for $1.525 billion in all cash.

Why it matters: The deal allows the medical technology giant to enter the pharmacy automation market, a space seeing strong growth as both established pharmacies and new digital-first entrants look to modernize workflow to improve efficiencies and cut costs.

Behind the scenes: Axios wrote in January that Frazier Healthcare, five years into its investment, had engaged Baird and William Blair to explore strategic alternatives for Parata.

By the numbers: Sources more recently told Axios the process marketed EBITDA figures in the $55 million to $70 million range, suggesting a multiple well into the 20x-plus range.

How it works: Parata offers all the technology and tools that it takes to run a fully automated pharmacy.

Details: Parata's technology is sold to both the incumbents and emerging players.

The bottom line: Parata aligns with BD's growth strategy around what CEO Tom Polen says is "smart, connected care and enabling new care settings."