Categories Earnings, Technology

Dassault agrees to buy Medidata for $5.8 billion

French company Dassault Systemes agreed to buy Medidata Solutions Inc. (NASDAQ: MDSO) for $5.8 billion. The all-cash transaction was approved by the boards of directors of both companies and is expected to close during the last quarter of 2019.

The purchase price of $92.25 per share is at a slight discount to Medidata’s Tuesday closing price of $94.75. For its most recent quarter, Medidata had reported a 16% growth in revenue to nearly $174 million along with adjusted EPS of $0.45. The company has a market valuation of $5.9 billion.

Medidata provides data and analytics tools for clinics and medical device companies and Dassault hopes to expand its footprint in the fast-growing life sciences market with the help of this acquisition.

Bernard Charles, CEO, Dassault Systemes said, “Medidata’s leading position in clinical trials complements our life sciences solutions on the 3DEXPERIENCE collaborative platform. Medidata’s recent expansion into real world evidence and analytics coupled with the power of modeling and simulation demonstrates how the virtual world will catalyse the next generation of patient-inclusive therapeutics.”

Medidata’s shares have gained 44% thus far this year. The stock was down 3.2% in morning hours on Wednesday.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

United Parcel Service (UPS) seems on track to regain lost strength

Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic

IPO Alert: What to look for when Boundless Bio goes public

Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.

Nike (NKE) bets on innovation and partnerships to return to high growth

Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top