Science 37, developer of the Decentralized Clinical Trial Operating System, has announced it has entered into a definitive business combination agreement with LifeSci Acquisition II, a ‘blank check’ investment outfit focused on pharmaceutical, medical technology, digital health, and healthcare services sectors. After the deal completes, the new company, which is valued at approximately $1.05b USD, will operate as Science 37.
According to Science 37 CEO David Coman, the move comes at a time of rapid, significant innovation in the clinical trial field.
“The clinical research industry is undergoing a dramatic transformation in which traditional development methods are being supplanted by technology-fueled innovation,” Coman said. “Our clinical trial operating system (OS) can enable significantly faster enrollment, retain patients at a meaningfully higher rate, and achieve higher enrollment among diverse patient populations; with this investment, we expect to advance our OS to further penetrate adjacent markets, and power the future of clinical research where we bridge between the traditional and decentralized approaches to enable a truly agile clinical trial.”
Since Science 37’s founding in 2014, the company reportedly has conducted more than 95 decentralized clinical trials, engaging in excess of 366,000 patient participants. According to the firm, it has been effective in demonstrating an ability to accelerate patient enrollment, improve participant retention, and connect with a more diverse, inclusive population.
Andrew McDonald, CEO of LifeSci Acquisition II, said the surge in interest in and adoption of the virtual study format puts Science 37 in prime territory.
“Healthcare is increasingly transitioning to virtual and home-based environments, and we believe Science 37 is uniquely positioned as a pioneer in its approach to clinical trials," McDonald said. "The company’s rapid growth is a testament to its truly disruptive technology and its immense market opportunity to change the way drugs are developed and go to market.”
Over the course of the past year, Science 37 has forged partnerships with a number of other industry companies:
- In April 2021, the company announced a collaboration with Syneos, aimed toward creating a unified platform that serves to streamline decentralized workflow, RWE generation, and data harmonization.
- In November 2020, Science 37 and Signant joined forces to expand access to trials for patients with central nervous system disorders.
- In August 2020, the company announced a partnership with ERT, aimed at helping sponsors improve imaging, respiratory and cardiac safety on virtual trials.