The deal would be BioClinica’s second eClinical acquisition in the past 18 months, following on from the $24m (€17.7m) purchase of Phoenix Data Systems in March 2008.
By acquiring Phoenix BioClinica, which was then known as Bio-Imaging Technologies, boosted its electronic data capture (EDC) services and etrials should integrate with and enhance these existing capabilities.
Mark Weinstein, CEO of BioClinica said: "etrials is an excellent fit with our long-term corporate strategy. This addition instantly broadens our eClinical product offering while leveraging our global operations and brand reputation for quality client service.
“Together with our services-based approach, the combination enhances our existing relationships with customers from both companies and creates a new, stronger and stable partner for new pharma, biotech and medical device sponsors. With minimal customer overlap, the acquisition also presents immediate cross-selling and new business opportunities.”
The stock-and-cash deal is worth $10m and should help BioClinica gain an increased share of the EDC market.
Integrating portfolios
Weinstein believes “significant synergies” will be realised during the integration, with the companies’ respective strengths and expertise and “minimal customer overlap” making them a suitable match.
By acquiring etrials BioClinica would gain access to “adaptive, web-based tools that work together to coordinate data capture, logistics, patient interaction and trial management”, which will “augment” its existing offering.
In addition BioClinica believes the purchase will boost service revenues to $65m to $70m but it will have to contend with the difficulties etrials faced in 2008, which resulted in it posting an operating loss of $16m for the year.