ERT to acquire PHT
ERT, a global provider of patient safety and efficacy endpoint data collection, has signed a definitive agreement to acquire PHT, an electronic patient diary solutions provider that helps biopharmaceutical companies collect and manage clinical trial data.
Financial terms of the agreement were not disclosed. Officials from both companies declined to be interviewed since the transaction has not been completed and is subject to regulatory review.
“This combination is about better serving our customers and delivering solutions to support the tremendous growth for the eCOA industry,” Jim Corrigan, president and CEO of ERT, said in a press release.
Both companies said they expect this acquisition to close within the next several weeks. When completed, the combined companies will have an increased global footprint throughout North America, Europe and Asia, serving all phases of clinical research for small and mid-sized biopharma companies, CROs and large pharma companies, according to their formal announcement of the deal.
“This is a compelling combination that brings together two industry pioneers committed to using technology to transform clinical research and help bring new therapies to market,” Philip Lee, PHT president and CEO, said in the release.
Genstar Capital, a middle market private equity firm whose portfolio of investments includes ERT, said the PHT purchase is a significant acquisition for ERT.