CardioNet, a wireless medical technology company for the diagnosis and monitoring of cardiac arrhythmias, has acquired Biotel for approximately $14 million, expanding its portfolio to include cardiac clinical research services.
As part of the acquisition, CardioNet said it is acquiring Biotel's wholly owned subsidiary, Agility Centralized Research Services, based in Chicago. Agility provides event, Holter and 12-lead ECG monitoring services to the medical device and pharmaceutical industries, as well as to contract research and academic research organizations globally. The service allows for the monitoring of cardiac conditions and therapeutic evaluation within clinical trials, according to the company.
The Conshohocken, Pa.-based CardioNet said its acquisition of Biotel expands its product portfolio with a recently approved wireless event monitor. The new company's product portfolio will include Holter monitoring, wireless event monitoring and CardioNet's Mobile Cardiac Outpatient Telemetry, a system for wireless diagnosis and monitoring of cardiac arrhythmias.
The boards of directors at CardioNet and Biotel have approved the transaction. The transaction is subject to approval by Biotel's shareholders and other customary closing conditions, but is expected to close in mid 2009.