A Medical Device Daily
BioClinica (Newtown, Pennsylvania), a global provider of clinical trial services, said it has acquired privately-held Tourtellotte Solutions (Wayland, Massachusetts), a provider of software and services for the bio-pharmaceutical industry.
BioClinica is purchasing substantially all of the assets of Tourtellotte for $2.1 million in cash at closing plus additional payments based upon achieving certain milestones. If certain predetermined milestones are achieved an additional $3.2 million in cash and 350,000 shares of BioClinica common stock can be earned, the company said.
Tourtellotte also has additional operations in Bhubaneswar, India. According to the company, Tourtellotte "pioneered the first major parameter-driven IVR and the world's first IWR for a top five global pharmaceutical company" in 2001. The software it designed and has continued to modify and support is currently being used in more than 150 active clinical trials and has been used in more than 300 trials since its inception, the company noted. In 2007, Tourtellotte introduced tcVisualize, a product designed to allow biopharmaceutical companies to simulate and optimize the clinical supply chain. Using tcVisualize, study managers can develop "the perfect clinical supply plan resulting in a rapid return on investment by reducing product waste, trial delays, and lost patient enrollment due to product stockouts," the company said.
"Tourtellotte brings a leading edge technology platform and a proven development and support team to BioClinica. These additions expand the ways in which we can work with our global biopharmaceutical clients to improve the overall clinical trial process," said Mark Weinstein, president/CEO of BioClinica. He noted that Ed Tourtellotte, president of Tourtellotte, will join BioClinica as VP of Product Innovation and he and his team will be part of BioClinica's eClinical Division, reporting to Peter Benton.
Tourtellotte generated about $3.9 million in revenue in 2008. BioClinica estimates that Tourtellotte will generate roughly $5 million in revenue for the full year 2009 on a stand-alone basis. The company said it estimates that for the remaining three and a half months of 2009, Tourtellotte will contribute nearly $1.2 million in revenue and contribute a small amount of operating income and be EPS neutral.
Excel Partners acted as exclusive financial advisor to BioClinica in this deal and Covington Associates acted as exclusive financial advisor to Tourtellotte.