Medidata announced on June 12 that it will acquire SHYFT Analytics for a total consideration of $195 million. The acquisition is subject to customary closing adjustments, is inclusive of Medidata’s prior 6% ownership in SHYFT’s business, and will be paid in cash.
“Together, Medidata and SHYFT are powering customers’ digital transformation with artificial intelligence and real-world analytics to reduce risk, optimize revenue, and ultimately help patients,” said chairman and CEO of Medidata, Tarek Sherif. He continued, “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. Getting the right treatment, to the right patient, at the right time is a vision we have long shared with our customers.”
Together, the two companies also announced their new joint platform, the “Intelligent Platform for Life Sciences,” which will be particularly groundbreaking for companies in the pharmaceutical, biotech, and medical device industries. Its aim is to bring together the commercial and clinical sides of bringing a drug from development to commercialization.
“SHYFT and Medidata share a common vision to transform how life science companies harness the value of data to advance enterprise decision-making and patient outcomes,” said Zack King, SHYFT CEO and Founder. “Our talented team has had great success delivering value to the industry and our combined technology will create something unique that will unlock enormous opportunities for our customers. We are thrilled to be joining forces with Medidata to further execute our mission to advance healthcare through analytics.
Medidata’s acquisition of SHYFT was unanimously approved by both companies’ boards and by the stockholders of SHYFT. It is expected to close by the end of Q2 2018. SHYFT CEO Zack King will continue to serve in an executive capacity following the acquisition, overseeing operations from SHYFT’s current headquarters in Boston, Mass.
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