Perseus LLC has agreed to acquire the Physicians Interactive business of Allscripts Healthcare Solutions Inc. (Nasdaq: MDRX), for an undisclosed amount. Physicians Interactive provides online clinical education programs that enable life sciences companies to reach physicians.
Allscripts Healthcare Solutions, Inc., the leading provider of clinical software, connectivity and information solutions that physicians use to improve healthcare, announced today it has signed a definitive agreement to sell its Physicians Interactive(R) business unit to a fund managed by Perseus, L.L.C., a merchant bank and private equity fund management company.
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The transaction is scheduled to close on or about October 3, 2008, subject to customary closing conditions.
Physicians Interactive develops online clinical education programs that enable life sciences companies to reach physicians. The company’s free, online solutions for healthcare providers deliver timely clinical information and educational programs while building an electronic dialogue between physicians and life sciences companies.
The acquisition by Perseus Acquisitions Holdings LLC will allow Physicians Interactive to continue to grow its business and more aggressively invest in new opportunities that expand and build upon its current product portfolio. The transaction will allow Allscripts to focus on its core business of providing information and connectivity solutions to physicians and hospitals, which continues to grow. The pending merger of Allscripts with Misys Healthcare would create a new company with a client base of nearly one-third of the practicing physicians in America.
“This is a win-win for Allscripts and Physicians Interactive,” said Glen Tullman, Chief Executive Officer of Allscripts. “The sale of Physicians Interactive is an important step that will enable Allscripts to concentrate our resources on achieving our goals, while providing Physicians Interactive the right opportunity to continue to develop its set of solutions.”
“We are very excited to acquire Physicians Interactive,” said Norman Selby, Senior Managing Director of Perseus, LLC. “We plan to build on the strengths that Physicians Interactive already has and invest aggressively to increase the value it provides to physicians, nurses and other healthcare providers, and the pharmaceutical, biotech and medical device companies that want to reach them. Our goal is to create a company that has the leading suite of alternative channel marketing and sales products and programs to serve pharmaceutical, biotech and device customers, including direct mail, eDetailing, video detailing, eCME, market research, surveys, eSampling, eNewsletters, blogs and social networking.”
As part of the transaction, Allscripts President Lee Shapiro will assume a seat on the board of directors of Perseus Acquisitions Holdings LLC.
Additionally, Allscripts and Perseus/Physicians Interactive have signed an agreement to explore innovative and unique offerings that leverage Allscripts strengths as the leading provider of Electronic Health Records and ePrescribing solutions for physicians, and Physicians Interactive’s strengths in communicating with and educating providers.
Perseus, L.L.C. is a merchant bank and private equity fund management company with offices in Washington, D.C., New York and Munich. Since its inception in 1995, Perseus has invested in numerous buyout and growth equity transactions in the United States, Canada, and Western Europe. Perseus manages seven investment funds with capital commitments totaling approximately $2.0 billion.
About Physicians Interactive
Physicians Interactive builds an electronic dialogue with healthcare professionals by utilizing technology platforms and online interactive programs to deliver valuable education and promotion about medical products and disease states. Since 1996, Physicians Interactive has developed over 950 online programs for more than 150 brands throughout every stage of the product life cycle. Physicians Interactive’s client list includes nearly 75 pharmaceutical, biotech, and medical device companies, including nine of the top 10 worldwide pharmaceutical corporations. For more information, visit www.physiciansinteractive.com.
Allscripts (Nasdaq: MDRX) is the leading provider of clinical software, connectivity and information solutions that physicians use to improve healthcare. The company’s unique solutions inform, connect and transform healthcare, delivering improved care at lower cost. More than 40,000 physicians and thousands of other healthcare professionals in clinics, hospitals and extended care facilities nationwide utilize Allscripts to automate everyday tasks such as writing prescriptions, documenting patient care, managing billing and scheduling, and safely discharging patients, as well as to connect with key information and stakeholders in the healthcare system. To learn more, visit Allscripts at www.allscripts.com.