Decentralized clinical trial tech firm Science 37 is poised to list on the NASDAQ after agreeing to a takeover offer from LifeSci Acquisition Corp.
The deal – detailed in an SEC filing – values Science 37 at $1.05 billion and will create a combined company with $250 million in cash to fund development of its decentralized clinical trial technology software platform.
The Clinical Trials Transformation Initiative defines a decentralized trial is one “executed through telemedicine and mobile/local healthcare providers (HCPs), using procedures that vary from the traditional clinical trial model.”
The rational is that making it easier to participate will accelerate recruitment, improve retention, and shorten timelines and minimize costs. Also, according to the CTTI, because they allow for in-home drug administration, decentralized studies are more representative of real-world, post approval use.
Demand for the technologies needed to run such studies is increasing according to Science 37 CEO David Coman, who said the deal with LifeSci comes at a watershed moment for the wider clinical research sector.
“The clinical research industry is undergoing a dramatic transformation in which traditional development methods are being supplanted by technology fueled innovation.
“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.
He added that, “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.”
Science 37 claims to have conducted more than 95 decentralized trials and engaged more than 366,000 patients since it was founded in 2014. According to its website the firm has worked with companies like Amgen, GSK, Genentech, Roche, Johnson & Johnson, and Novartis among others.