Leading the digital transformation of life
sciences with artificial intelligence and advanced analytics
Medidata (NASDAQ:MDSO) today announced that it has entered into
a definitive agreement to acquire SHYFT Analytics, bringing the
leading platform for clinical development together with the leading
platform for commercial and real-world data analytics.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180612005679/en/
The Intelligent Platform for Life
Sciences (Graphic: Business Wire)
The combined platform seamlessly delivers market-leading
applications, services, and proven data science capabilities,
powered by the largest global pool of research data, companies’ own
CRM data, 3rd party commercial data, and real-world data
sources.
Pharmaceutical, biotech, and medical device companies now have
an unprecedented ability to manage and optimize value across the
clinical and commercial continuum.
“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 Tarek Sherif, chairman and chief executive officer,
Medidata. “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.”
The new Intelligent Platform for Life Sciences significantly
enhances drug and device discovery, development and
commercialization by:
- Accelerating value - Demonstrate
efficacy and safety, obtain regulatory approval, and achieve peak
revenue faster
- Minimizing risk - De-risk the
planning and execution of clinical development and
commercialization strategies
- Optimizing outcomes - Provide
the best possible outcomes for patients, providers, and payers with
increasingly precise therapies
“As life science companies increasingly focus on improving
outcomes and safety, the need to leverage insights across the
patient life cycle to move faster and work smarter has become
paramount,” said Dr. Alan Louie, research director at IDC.
“Medidata’s acquisition of SHYFT enables companies to better
analyze clinical, real-world, and commercial data to achieve their
goals.”
“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 SHYFT CEO and Founder,
Zack King. “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 will acquire SHYFT for a total consideration of $195
million, subject to customary closing adjustments, inclusive of
Medidata's 6% ownership in SHYFT’s business, and funded with
existing cash on Medidata’s balance sheet. The acquisition has been
unanimously approved by the Boards of Directors of each company and
the stockholders of SHYFT, and is expected to close in the second
quarter of 2018, subject to customary closing conditions.
Conference Call and Webcast
Medidata will host a conference call with the investment
community today at 8 a.m. Eastern Time. Participants may join via
webcast at investor.mdsol.com, or by telephone at 877-303-2528
domestically or 847-829-0023 internationally, using the passcode
5986948.
A replay will also be available at investor.mdsol.com, or by
dialing 800-585-8367 domestically, or 404-537-3406
internationally.
Financial Outlook
During the conference call, the company will provide updated
2018 guidance to incorporate deal-related costs, assumption of
ongoing operating expenses of SHYFT, and write-down of acquired
deferred revenue as a result of purchase accounting. A summary of
the updated guidance and reconciliation of forward-looking non-GAAP
financial measures to the most comparable forward-looking GAAP
measures will be posted at investor.mdsol.com.
About Medidata
Medidata's unified platform, pioneering analytics, and unrivaled
expertise power the development of new therapies for over 1,000
pharmaceutical companies, biotech, medical device firms, academic
medical centers and contract research organizations around the
world. The Medidata Clinical Cloud® connects patients, physicians
and life sciences professionals. Companies on the Medidata platform
are individually and collaboratively reinventing the way research
is done to create smarter, more precise treatments.
For more information: www.mdsol.com
About SHYFT
SHYFT Analytics is the leading cloud data analytics platform for
life sciences with solutions designed exclusively for the
pharmaceutical and biotech industry. SHYFT’s Data Analytics
Platform is the most efficient and scalable way to transform
massive amounts of complex healthcare data into high-quality, novel
and intuitive clinical and commercial insight. SHYFT is
headquartered in Boston with offices in San Francisco and New York
City.
Learn more about SHYFT at www.shyftanalytics.com, or follow the
company on Twitter @SHYFTAnalytics or LinkedIn.
Cautionary Statement
Certain statements made in this press release are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve significant
risks and uncertainties about Medidata Solutions, Inc.
(“Medidata”), including, but not limited to, statements about
Medidata’s anticipated closing of the SHYFT Analytics acquisition
and the expected timing thereof, related updated 2018 guidance with
respect to financial performance, combined products and services
resulting from the SHYFT acquisition, business model, strategy and
growth opportunities, and competitive position. Such statements are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
these statements. In particular, the risks and uncertainties
include, among other things, risks associated with the SHYFT
acquisition being delayed, or not being completed at all, for any
reason including the failure to satisfy closing conditions related
thereto, possible fluctuations in our financial and operating
results and integration activities. For additional disclosure
regarding these and other risks faced by Medidata, see disclosures
contained in Medidata’s public filings with the Securities and
Exchange Commission, including the “Risk Factors” section of
Medidata’s Annual Report on Form 10-K for the year ended December
31, 2017. You should consider these factors in evaluating the
forward-looking statements included in this press release and not
place undue reliance on such statements. The forward-looking
statements are made as of the date hereof, and Medidata undertakes
no obligation to update such statements as a result of new
information except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180612005679/en/
Medidata SolutionsInvestors:Betsy Frank, +1
917-522-4620bfrank@mdsol.comorMedia:Erik Snider, +1
646-362-2997esnider@mdsol.com
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