Bio-Imaging Technologies, a Newtown, Pa.-based company providing product-development support services to the pharmaceutical, biotechnology and medical-device industries, has acquired Phoenix Data Systems, a King of Prussia, Pa.-based company offering electronic data capture and other data-reporting tools for use in clinical studies, for $24 million, according to a news release.
The cash and stock acquisition of Phoenix Data, formerly a privately held company, is composed of a $7 million cash payment along with 2.3 million shares of Bio-Imaging stock valued at $17 million. Under the terms of the deal, Phoenix Data President William Claypool will continue to manage the business and the companys 127 employees will join Bio-Imaging as a part of a new division.
Phoenix Data generated $12 million in earnings in 2007. Acquisition of the company is expected to be accretive to Bio-Imagings fiscal 2008 earnings, according to the release.