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Veradigm and PRA Health Sciences have launched a groundbreaking electronic healthcare records-based clinical research network, accessible to over 25,000 physicians and 40 million patients in the U.S. This initiative aims to integrate clinical research with healthcare delivery, enabling broader patient participation in clinical trials. Utilizing Veradigm’s StudySource platform and PRA’s eSource technology, the partnership seeks to streamline trial processes and improve data quality. The goal is to enhance patient outcomes while reducing costs for all stakeholders.
PRA Health Sciences has introduced an innovative tokenization solution using Synoma, its proprietary technology, to enhance drug development by connecting clinical trial data with real-world data.
This aligns with the 21st Century Cures Act and improves privacy protection. Currently, three major pharmaceutical companies are using Synoma to maximize data insights for drug safety and effectiveness.
PRA also strengthened its capabilities through the acquisition of Symphony Health, allowing for broader data evaluation and faster market entry for new therapies.
PRA Health Sciences reported strong financial results for Q1 2021, with total revenue reaching $933.8 million, a year-over-year growth of 19.1%. The company generated net new business of $797.2 million, marking a growth of 31.8%. Its GAAP net income was $56.9 million or $0.86 per diluted share, while adjusted net income was $89.6 million, representing a growth of 33.0%. The ongoing merger with ICON is set to close in July 2021, which will further position PRA for future growth.
PRA Health Sciences (NASDAQ: PRAH) has expanded its pharmacovigilance services to support post-marketing safety for COVID-19 vaccines and therapeutics. With over 25 years of experience, PRA aims to ensure long-term safety and efficacy through real-world solutions and patient monitoring. The company has a global team of 800 experts and has implemented technologies like AI and data analytics for real-time safety data monitoring. Enhance initiatives include a Mobile Health Platform for patient self-enrollment and rapid study initiation timelines, showcasing PRA's dedication to clinical research amid the pandemic.
PRA Health Sciences and the Maryland State Medical Society (MedChi) announced Care Innovations as a preferred provider for remote patient monitoring and telehealth services. This selection enables over 22,000 Maryland physicians to employ a secure system for remote care, crucial for chronic disease management. The pandemic has highlighted the benefits of remote monitoring, allowing patients to manage care without unnecessary hospital visits. Care Innovations will offer tools like the Health Harmony mobile app and various monitoring devices to support physicians and enhance patient outcomes.
PRA Health Sciences (NASDAQ: PRAH) announced a collaboration with Merck KGaA, supporting their human growth hormone (HGH) treatment system through PRA's remote patient monitoring platform. This partnership includes the growlink mobile app and easypod® Connect platform, enhancing patient engagement and adherence. This technology addresses the challenges of patient compliance with HGH treatments, which are crucial for children with growth hormone deficiencies, impacting approximately 1 in 4,000 to 1 in 10,000 children in the U.S.
PRA Health Sciences launched a Patient-Centric Trial Development Toolkit aimed at improving the efficiency and success of clinical trials for rare diseases. Developed in collaboration with various stakeholders, the toolkit offers four free digital resources to help sponsors identify and mitigate risks associated with clinical trials. Notably, it includes tools for risk assessment, participant surveys, and guidance for patients and caregivers to ease trial participation. The aim is to enhance patient engagement and reduce the burden of trial participation.
PRA Health Sciences reported strong fourth-quarter results with net new business of $872.4 million, achieving a growth of 32.4% excluding reimbursement revenue. Total revenue reached $873.5 million, marking a 9.1% increase. GAAP net income was $51.3 million ($0.78 per share), while adjusted net income was $101.2 million ($1.55 per share). The backlog increased to $5.4 billion, highlighting robust demand. Despite the positive growth, direct costs rose significantly to 50.1% of revenue, reflecting increased labor and data costs.
ICON plc (NASDAQ: ICLR) has announced a definitive agreement to acquire PRA Health Sciences (NASDAQ: PRAH) for approximately $12 billion. The acquisition will involve $80 in cash and 0.4125 shares of ICON stock per PRA share, representing a 30% premium from PRA's closing price on February 23, 2021. The merger aims to enhance clinical trial execution and increase efficiency, delivering an estimated $150 million in cost synergies. The deal is expected to close in Q3 2021, subject to regulatory approvals.
PRA Health Sciences (NASDAQ: PRAH) will disclose its fourth-quarter and full-year 2020 results on February 25, 2021, after market close. A conference call for discussing these results will be held on February 26, 2021, at 9:00 a.m. (ET).
Analysts and investors can join the call by dialing (877) 930-8062 within the U.S. or (253) 336-7647 internationally. The company's extensive global reach includes over 75 offices and 18,100 employees, having supported over 4,000 clinical trials since 2000.
