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Deal Expands STG Presence in Healthcare Research and Services
Symphony Technology Group (STG), a technology and services-focused private equity firm, today announced that it has acquired the health economics, health outcomes, market access and retrospective epidemiology and data analytics divisions of United BioSource Corporation (UBC), a wholly owned subsidiary of Express Scripts Holding Company. Terms of the deal were not disclosed. The acquired divisions will form EVIDERA, an independent portfolio company under Symphony Technology Group.
The addition of EVIDERA to STG's portfolio expands the private equity company's current holdings in the health information and research services space. STG also owns Symphony Health Solutions, a Horsham, Pa.-based provider of high value data, analytics and technology solutions for life science manufacturers, payers and providers. EVIDERA adds complementary and highly specialized research capabilities focused on optimizing market access and product value to the existing portfolio of patient-centered insights.
"We believe in a rapidly evolving ecosystem where evidence-based and analytically empowered decision making will shape every corner of the industry. Acquiring these businesses will extend Symphony's offerings and further our strategic effort to help our clients shape and participate in this exciting transformation. We are developing solutions to enable our clients' understanding of the complex multi-dimensionality of their commercial models. These new capabilities will help us leverage and expand our data, analysis, and research capabilities by addressing, head on, the strategic and empirical challenges of delivering high quality, cost-effective healthcare interventions," said Dr. Romesh Wadhwani, Chairman and CEO of Symphony Technology Group. "We believe the businesses we are acquiring, as well as the experts that lead our teams in these capabilities, are the best in the industry at understanding evidence and creating value for life sciences companies. We are investing in them as a fundamental building block for us to expand these capabilities through innovation to broader set of customers, both within life sciences and also to the broader health ecosystem."
EVIDERA partners with life sciences organizations worldwide to optimize the market access and commercial success of their products. Their scientists, researchers and consultants leverage deep knowledge of the global payer and regulatory landscape and offer expertise in developing, capturing and communicating the evidence required to demonstrate the value of treatment interventions.
"Symphony Technology Group is the ideal match for our business," said Jon Williams, President of EVIDERA. "Symphony brings fresh ideas, game changing innovation, operational excellence and a wealth of experience across multiple industries, which will allow us to serve our clients better than ever before. We share a commitment to lead the industry through science, insight, and innovation."