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news.Bio-Imaging Technologies has acquired privately held Phoenix Data Systems, a global clinical data services provider to the pharmaceutical and biotechnology industries.
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The acquisition is a cash and stock transaction valued at $24 million, payable at closing, consisting of $7 million of cash and 2.2 million shares of Bio-Imaging stock valued at $17 million. Together Bio-Imaging and Phoenix Data Systems will offer a broader set of clinical trial services to its pharmaceutical and biotechnology customers.
The acquisition is expected to be accretive to Bio-Imaging’s fully diluted earnings per share for fiscal 2008. Phoenix Data Systems will retain its name and continue to be managed by William Claypool, its current president. All of Phoenix Data Systems’s 127 employees will join Bio-Imaging as a new division of our core clinical trials services business.
William Claypool, president of Phoenix Data Systems, said: “With Bio-Imaging’s proprietary image capture technologies and scientific expertise, we extend our unparalleled suite of services to support the clinical development efforts of our clients and prepare their data for regulatory submissions.”