BioTelemetry Inc., a wireless medical technology company, formerly operated as CardioNet, has agreed to buy medical imaging company VirtualScopics for $15.5 million.
Pennsylvania-based BioTelemetry will offer $4.05 per share to holders of ViralScopics common stock, $336.3 per share for holder’s of the company’s series A and B convertible stock and $920 per share for holders of its series C-1 convertible stock.
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ViralScopics’ imaging is designed to accelerate the clinical trial process for new devices and drugs – part of the reason it was an attractive acquisition for BioTelemetry.
The tender offer is expected to begin on or about April 11.
Advances in medical imaging are continuing to grow, and acquisitions like this demonstrate the appeal some of these companies have now more than ever. The trend in this particular area became especially present over the last couple of years for reasons like being able to better tailor patient care, increased portability and efficiency, and the expanded Medicare coverage from last year adds to the incentive to provide newer, better technology that can affect many more patients.
Photo: Screenshot via VirtualScopics