American clinical research company Science 37 has agreed to merge with LifeSci Acquisition II, a blank check company, in a deal that values the clinical research firm at about $1.05bn.

Established in 2014, Science 37 is a developer of the Decentralized Clinical Trial Operating System, while LifeSci Acquisition II aims at the biopharma, medical technology, digital health and healthcare services sectors.

Since its inception, the company carried out over 95 decentralised clinical trials and enrolled more than 366,000 patients.

Once the deal is closed, the combined entity will operate as Science 37 and is expected to be listed on the NASDAQ under the ticker symbol ‘SNCE’.

Also, the proposed transaction will provide the combined entity with about $250m to fund its decentralised trial technology platform, expand into new adjacencies, and advance clinical research.

Science 37 CEO David Coman said: “The clinical research industry is undergoing a dramatic transformation in which traditional development methods are being supplanted by technology fuelled innovation.

“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 decentralized approaches to enable a truly Agile Clinical Trial.”

The proposed transaction is expected to close in the third quarter of 2021, subject to the approval of LifeSci and Science 37 stockholders and the satisfaction of other customary conditions.

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.”

Cowen and Perella Weinberg Partners are serving as financial advisors and Latham & Watkins and DLA Piper (US) are acting as legal advisors to Science 37 on the transaction.