ANN ARBOR — The Ann Arbor based health care data analysis firm Truven Health Analytics has signed an agreement to buy Heartbeat Experts, a New York City-based health care software and market analysis firm.
Terms of the deal were not disclosed.
Truven also announced it would finance another recent acquisition with $40 million in new debt.
Amont other things, Heartbeat services quantify the value of a new drug or medical device and target and reach key decision-makers who are critical to approval and adoption of new treatments, including doctors, government officials, regulatory affairs personnel, key industry groups, health plans, and others involved in new drug and medical device approval and commercialization.
“In the era of value-based reimbursement, it is critical to have a strong value message that connects with the right clinical and economic decision-makers,” said Mike Boswood, Truven Health Analytics president and CEO. “With this acquisition, we will be able to provide life sciences clients with the ability to define value together with the tools they need to showcase that value to relevant audiences.”
Heartbeat Experts’ current client list includes all of the top 20 pharmaceutical and 75 percent of the top medical device companies. The company operates in 22 countries and has offices in New York, Brussels, Singapore, Shanghai, Tokyo, Sao Paulo, and London. The company has repeated year-over-year double-digit sales growth, and recently added social network mapping services.
“The relationship between drug value and cost has never been more closely scrutinized globally than it is today, making it critical for pharmaceutical and medical device companies to engage in meaningful discussions with health plans and other payers, health economists, clinical experts, employers, and regulatory affairs personnel,” said Larry Cohen, Heartbeat Experts president. “By joining forces with Truven Health Analytics, we are making it possible for life sciences professionals to invest those conversations with the kinds of prescient insights and hard data that help decision-makers around the world to understand the value of the product they are considering.”
Truven also announced the offering of $40 million in notes paying 10.625 percent interest. The notes, being offered in a private placement, are due in 2020.
Truven says it will use the proceeds to finance the Heartbeat acquisition and to pay loans that financed the acquisition of Joan Wellman and Associates Inc., a provider of lean consulting services to the healthcare industry.