Merge Healthcare reached a definitive agreement to purchase Etrials Worldwide for an undisclosed amount, after Etrials rejected a similar acquisition by Bio-Imaging Technologies proposed last month.
Merge said it is offering a mix of $1.70 in cash and stock for each share of Etrials stock. A spokeswoman for Milwaukee-based Merge declined to name how many shares are being purchased or the full amount of the deal. The acquisition will allow the medical-imaging management company to broaden its electronic clinical research products for clinical trial sponsors and contract research organizations, Merge said in a news release. The deal is expected to close in the third quarter, pending closing conditions.
Morrisville, N.C.-based Etrials, which develops clinical-trial management software, announced last month it was going to be bought by Bio-Imaging Technologies in a $10 million cash and stock deal, which the company said represented a 27% premium over its average closing price. Merge said its offer was recognized by Etrials shareholders as a superior proposal to the Bio-Imaging deal.