IMS Health Holdings, Inc. and Quintiles Transnational Holdings Inc. announced that their respective boards of directors approved a definitive merger agreement, pursuant to which the companies will be combined in an all-stock merger of equals transaction. The merged company will be named Quintiles IMS Holdings, Inc. Based on the closing of IMS Health and Quintiles common stock prices on May 2, 2016, the equity market capitalization of the joined companies is more than $17.6 billion and the enterprise value is more than $23 billion. The 2015 pro forma reported revenue for Quintiles IMS was $7.2 billion; adjusted EBITDA was $1.7 billion and adjusted unlevered free cash flow was $1.3 billion. Please see attached appendix for reconciliation of non-GAAP measures.
Under the terms of the merger agreement, IMS Health shareholders will receive a fixed exchange ratio of 0.384 shares of Quintiles common stock for each share of IMS Health common stock. Upon completion of the merger, IMS Health shareholders will own approximately 51.4 percent of the shares of the combined company on a fully diluted basis and Quintiles shareholders will own approximately 48.6 percent of the combined company on a fully diluted basis.
Quintiles Chief Executive Officer, Tom Pike, said, “This combination addresses life-science companies’ most pressing needs: to transform the clinical development of innovative medicines, demonstrate the value of these medicines in the real world, and drive commercial success. We are bringing together two best-in-class leaders. I’m confident that together we will make our clients even more successful.”
The McKesson Specialty Health iKnowMed? electronic health record platform earned top ratings in several key performance areas in the prestigious KLAS Performance Report, Oncology 2016: Navigating The Oncology IT Road Map, confirming that iKnowMed is a top oncology-specific EHR choice for community-based oncology practices who are navigating a changing medical oncology EHR landscape.
KLAS is a leading independent healthcare research firm whose reports are utilized by thousands of healthcare decision-makers around the world. Extremely well-liked among oncologists, iKnowMed earned the highest ratings among medical oncology vendors for functionality, integration and workflow, leading the medical oncology market in these important performance areas.
Dan Lodder, vice president and general manager of Technology Solutions for McKesson Specialty Health said, “We are extremely proud of iKnowMed’s KLAS performance ratings in several critical oncology performance areas. This report is further verification that iKnowMed leads the industry in oncology-specific EHR solutions and is an invaluable tool that can help community-based oncologists succeed in the evolving environment of alternative payment models. We have established a tradition of excellence with this product that is setting a whole new standard for oncology EHRs,” he concluded.
PATH and Alere brings new tools for neglected tropical diseases
PATH and Standard Diagnostics (SD)/Alere announced the commercial availability of two rapid diagnostic tools for onchocerciasis and lymphatic filariasis. Designed for use in disease surveillance, the antibody-based tests are part of a suite of diagnostic innovations intended to support the elimination of neglected tropical diseases (NTDs), a group of illnesses that affect more than a billion people worldwide.
Onchocerciasis, commonly known as river blindness, is caused by a parasitic worm transmitted to humans through the bite of the blackfly. It causes itching, skin disfiguration, and, with chronic exposure, permanent blindness. Globally, an estimated 169 million people are at risk for river blindness and 37 million are infected. Of those at risk, 99 percent live in Africa. The disease typically affects poor, rural communities near streams and rivers.
Lymphatic filariasis (LF), the major cause of elephantiasis, is spread by mosquitos and damages the lymphatic system, leading to serious disability, disfigurement, and low quality of life across Africa and some parts of Asia. An estimated 120 million people are infected with LF and 1.23 billion are at risk. Wuchereria bancrofti (Wb) is one of three species of parasitic worms responsible for LF and accounts for 90 percent of the infections globally, including all cases on the African continent.