Medidata is acquiring Shyft Analytics, a data analytics company, in an estimated $195 million deal.
Together, the companies created the Intelligent Platform for Life Sciences, which aims to enhance drug and device discovery, development and commercialization. The platform leverages research data, the companies' own customer relationship management data, third-party commercial data and real-world data sources.
The total consideration of the $195 million is subject to customary closing adjustments, inclusive of Medidata's 6 percent ownership in Shyft's business; and it is funded with existing cash on Medidata's balance sheet. The acquisition is expected to close in the second quarter of 2018.
"Combining our innovative solutions, talented teams and shared values, across both organizations will help life science companies streamline the way they develop products and bring them to market," said Tarek Sherif, chairman and CEO of Medidata.
More articles on health IT:
AI algorithm predicts low blood pressure during surgery
Cloud ranks as the No. 1 emerging technology CIOs are investing in
CRISPR gene editing may increase cancer risk in humans, two studies suggest
© Copyright ASC COMMUNICATIONS 2018. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.