BioTelemetry Makes $15.5M Offer for VirtualScopics
BioTelemetry, the Malvern-based company formerly known as CardioNet Inc., has announced it its intention to buy VirtualScopics Inc., a leading provider of clinical trial imaging solutions, for $15.5 million.
The deal is expected to close in the second quarter of 2016.
BioTelemetry offers cardiac monitoring services and equipment that allows doctors and patients to wirelessly monitor and share heart information. (There’s even an iPhone app for that.) VirtualScopics’ work assists drug and medical device development.
“This acquisition demonstrates our continued commitment to growing our clinical research business,” said Joseph H. Capper, president and CEO of BioTelemetry. “VirtualScopics possesses an excellent scientific and operational reputation and we look forward to building upon their longstanding relationships with their customers.”
The deal is expected to commence April 11, and has the approval of VirtualScopics’ board of directors.