There were 655 deals representing a total reported transaction value of $48.1 billion during the third quarter of 2019 within the market for healthcare service businesses that support the life sciences industry. Veeva’s $430 million cash purchase of Crossix Solutions highlights the growing interest from pharmaceutical companies for actionable, real-time access to patient data in a robust analytics platform.
Similarly the purchase of Merck’s Aptus Health by KKR-owned WebMD demonstrates continuing interest among pharmaceutical marketers in improving their access to health care providers at the point of care. Other transactions described below show on-going interest by both strategic and financial buyers of robust businesses in digital therapeutics, telehealth as well as medical education.
Crossix, data science business, acquired by Veeva for $430 million cash
Veeva Systems, (NYSE:VEEV) a life sciences industry cloud player, is acquiring Crossix, makers of a patient data and analytics platform used by pharmaceutical marketers. Under the terms of the agreement, Veeva will acquire Crossix for a purchase price of $430 million, paid all in cash, subject to customary purchase price adjustments. In addition, certain Crossix employees will receive long term equity retention grants valued at approximately $120 million in the aggregate. The acquisition is expected to close in November.
WebMD acquiring Aptus medical education platform
Internet health information provider WebMD plans to acquire medical education platform Aptus Health, owned by Merck.