RARE Daily

Telehealth Company eMed to Acquire Decentralized Clinical Trials Company Science 37

January 29, 2024

Rare Daily Staff

The telehealth service provider eMed is acquiring decentralized clinical trials company Science 37 Holdings for about $38 million in cash or $5.75 a share.

The price represents a premium of about 21 percent of the January 26 close, but a far cry from the nearly $1.6 billion market cap Science 37 boasted in November 2021.

Science 37’s Metasite is billed as “the site that visits the patient.” It seeks to help clinical trial sponsors expand access to patients and address the geographic and diversity limits of traditional clinical trial sites with the promise of accelerating recruitment and enrollment.

“After an extensive review of opportunities available to Science 37, we believe that eMed provides the greatest value to our stockholders, customers, patients, and employees” said David Coman, CEO of Science 37. “Stockholders will receive a premium, trial sponsors will gain greater access to patients, faster enrollment, and confidence in the company’s capital position, and our employees will be able to continue to pursue the existing mission of the company.”

The transaction has been unanimously approved by Science 37’s board of directors. It is subject to the tender of a majority of Science 37’s outstanding shares of common stock, and other customary closing conditions.

Science 37 said it expects its revenue for the full year ended December 31, 2023, to be within the most recently issued guidance of $58 to $59 million. It expects to beat guidance on year-end results with a loss of less than $32.5 million. It ended the year with more than $50 million in cash.

Photo: David Coman, CEO of Science 37

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