In a noteworthy development today, Science 37 Holdings, Inc. (NASDAQ: SNCE) has demonstrated a notable surge in its stock performance. This resulted in an upward momentum of 16.19% in Science 37 stock, reaching $5.67 per share during the current session. The positive trend is attributed to a takeover bid that emerged today, further underscoring the dynamic nature of the financial markets.
Science 37 (SNCE) has officially communicated its entrance into a definitive merger agreement, signaling its acquisition by eMed, LLC, a leading provider of on-demand virtual care and treatment for consumers. Renowned for its authoritative in-home testing and treatment solutions across various medical indications, as well as boasting the largest real-time network of certified remote proctors, eMed brings forth substantial resources to augment Science 37’s capabilities.
Additionally, the incorporation of eMed’s Test-to-TreatTM technology is poised to streamline the patient enrollment process, fortifying Science 37’s ability to access unique patient populations, expedite study enrollments, and ensure sustained long-term viability. The SNCE Board of Directors has unanimously endorsed this strategic move, valuing the transaction at an equity sum of approximately $38 million.
The acquisition is structured as an all-cash tender offer, with eMed’s wholly owned subsidiary initiating the tender offer to acquire all outstanding shares of Science 37 at a rate of $5.75 per share in cash. This is a 21.3% premium over Science 37’s closing stock value on January 26, 2024, the last day of full trading prior to the announcement of the deal.
Through Tender and Support Agreements, major stakeholders who own about 44% of Science 37’s outstanding shares, have already showed their support. As a sign of their faith in the merger, they undertake under these agreements to tender all of their shares in response to the offer. The majority of Science 37’s outstanding shares need to be tendered in order for the deal to close, along with a few additional conventional closing requirements.
Science 37 will become a privately owned company following the deal, and its common shares will no longer be offered for public sale. The contract is expected to be finalized in the first quarter of 2024 by the parties concerned. Science 37’s evolution has reached a major turning point with this strategic combination, which will enable it to expand and develop more effectively in the rapidly evolving healthcare industry.
