Bio-Imaging acquires Phoenix Data Systems for $24M

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Bio-Imaging Technologies, a provider of medical image management for clinical trials, has acquired Phoenix Data Systems, a clinical data services provider of electronic data capture (EDC) services and eClinical data solutions to the pharmaceutical and biotechnology industries, in a cash and stock transaction valued at $24 million.

Payable at closing, the acquisition consists of $7 million in cash and 2,287,582 shares of Bio-Imaging stock valued at $17 million, the Newtown, Pa.-based Bio-Imaging.

The company also said that the global EDC services market is increasing and the Phoenix Data acquisition will help push its addressable market in the clinical trials space to over $1 billion.

King of Prussia, Pa.-based Phoenix Data Systems delivers full service EDC, a combination of electronic data capture, interactive voice response, reporting and data management services that give clinical data managers improved control to run studies.