The deal values Science 37 at an enterprise value of about $1.05bn.

As per the merger agreement, the combined company, which will operate as Science 37, will receive up to $250m in cash to support growth, including Science 37’s decentralised trial technology platform.

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The terms also include up to $125m in contingent consideration to current Science 37 shareholders, subject to reaching specific aftermarket stock price targets.

Science 37 CEO David Coman said: “Our clinical trial Operating System (OS) can enable significantly faster enrolment, retain patients at a meaningfully higher rate, and achieve higher enrolment among diverse patient populations.

“With this investment, we expect to advance our OS to further penetrate adjacent markets, and power the future of clinical research where we bridge between the traditional and decentralised approaches to enable a truly Agile Clinical Trial.”

Founded in 2014, Science 37 has carried out over 95 decentralised clinical trials and involved approximately 366,000 patients. It fast-tracked patient enrolment, improved participant retention, and recruited a more representative population.

Its customers include pharmaceutical and biotech companies, as well as academic and governmental institutions.

LifeSci Acquisition II CEO Andrew McDonald said: “Healthcare is increasingly transitioning to virtual and home-based environments, and we believe Science 37 is uniquely positioned as a pioneer in its approach to clinical trials.

“The company’s rapid growth is a testament to its truly disruptive technology and its immense market opportunity to change the way drugs are developed and go to market.”

The deal’s gross proceeds will include up to $80m in cash via LifeSci’s trust account and $200m through fully committed private placement in public equity funds from institutional and healthcare investors.

Science 37 noted that all significant shareholders will retain their equity assets through its conversion into a public company.

Approved by LifeSci and Science 37 boards of directors, the merger is subject to stockholders’ approval and other customary conditions. It is set to complete in the third quarter of this year.

In March this year, Science 37 and Syneos Health teamed up to deliver decentralised clinical trials.