Cloud trial software firm Think Research Corp has announced plans to buy fellow Canada-based CRO BioPharma Services.
The deal values BioPharma at approximately $44.6 million consisting of cash
BioPharma was set up in 2006 as a provider of services for clinical trials, bioequivalence studies and bioanalysis. The firm specializes in Phase I studies and has operations in St. Louis, Missouri in the US and in Toronto, Ontario in Canada.
Think cited increased access to the clinical trial services sector as a driver for the deal, which it said is worth $44 billion and growing 7.8% a year.
It also said the merged firm will have access to a network of more than 300,000 healthcare professionals, 2,800 hospitals, clinics and long-term care facilities and 200 research and pharmaceutical companies.
Think also outlined plans to “digitize” BioPharma’s trial business, predicting its electronic data capture and referral software for trial recruitment and telemedicine technology would create cost saving.
CEO Sachin Aggarwal said “We expect this transaction to be beneficial to Think and BioPharma's shareholders, clients and employees.”
Aggarwal also cited growing demand for digital clinical trials as a motivation of the deal.
“The COVID-19 pandemic has clearly demonstrated the urgent need for CROs to digitize and apply technology to the work they carry out for their pharmaceutical clients.
“Our ability to digitize BioPharma's services will improve the offering for clients and create new SaaS revenue streams further setting us apart from our digital health peers.”
He predicted that because the data needs and capabilities of Think and BioPharma are complementary the merged firm would be able to “play a unique role in both the creation and sharing of clinical knowledge.”
The focus on digitization and decentralized studies is in keeping with comments Think made earlier this year when it revealed that demand for its VirtualCare telemedicine platform surged more than 600 per cent since the beginning of the COVID-19 global pandemic.
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