Science 37 Holdings To Be Acquired By EMed

(RTTNews) - Science 37 Holdings, Inc. (SNCE) announced on Monday that it has entered into a definitive merger agreement to be acquired by telehealth and diagnostics company eMed, LLC. Following the news stock surged 16% in the pre-market.

The transaction is valued at an equity value of about $38 million and will be structured as an all-cash tender offer to acquire all outstanding shares of Science 37.

Under the terms of the agreement, eMed, through its wholly-owned subsidiary, will commence a tender offer to acquire all outstanding shares of Science 37 common stock for $5.75 in cash per share.

The transaction is subject to the tender of a majority of Science 37's outstanding shares of common stock and other customary closing conditions.

eMed, with its in-home testing and treatment solution available across various indications, has a real-time network of certified remote proctors and Test-to-Treat technology.

David Coman, chief executive officer at Science 37 said, "...Stockholders will receive a premium, trial sponsors will gain greater access to patients, faster enrollment, and confidence in the Company's capital position, and our employees will be able to continue to pursue the existing mission of the Company."

Upon completion of the transaction, Science 37 will become a privately held company. The transaction is expected to be completed in the first quarter of 2024.

In pre-market activity on the Nasdaq, the shares were trading at $5.69, up 16%.