Transformational deal in clinical trial analysis
Instem has announced that it has exchanged contracts to acquire d-Wise Technologies Inc (“d-wise”) a US-based clinical trial technology and consulting solutions provider. The total consideration is up to $31m, subject to adjustments, to be satisfied by a combination of cash and the issue of new ordinary Instem shares (with a deferred element). We believe the deal is transformational for Instem, significantly increasing the group’s scale and reach, and extending the offering more into the clinical trial stage of drug development. We increase forecasts, with (our increased) FY 22E revenue and adjusted EPS improving by 58% and 29% respectively.