BioTelemetry was formed last April and amongst its divisions it includes Cardiocore, a clinical trial firm that offers services including electrocardiography (ECG), Holter monitoring, blood pressure monitoring and (BPM), and echocardiography (ECHO).
By partnering with BioTelemetry, contract research organization (CRO) Theorem will be able to offer its clients such services across all clinical phases and is part of the firm’s strategy to offer “clients the very best in every service area,” according to CEO John Potthoff.
He continued: “BioTelemetry reinforces that strategy with a team of industry-leading scientists, a set of advanced technologies and a broad base of cardiac testing modalities. Theorem clients will benefit from BioTelemetry’s expert consulting services and deep experience across all major therapeutic areas.”
Furthermore, the deal helps Theorem meet the ever-changing industry standards, Potthoff continued, with areas such as “safety monitoring boards, translational medicine and risk-based monitoring” adding “pressures on the clinical trial process to be faster, safer and more efficient.”
Theorem is a mid-sized CRO and although some experts have predicted such companies will be either squeezed out of the market or forced to consolidate (for example last year’s merger of PRA and RPS), this alliance supports Theorem’s own growth strategy.
Speaking to Outsourcing-Pharma.com in November at Partnerships in Clinical Trials (PCT) Vienna, Potthoff said there are areas of business the firm wanted to reinforce through both strategic alliances and acquisitions.
In September, Theorem partnered with Charles River Laboratories in order to help its clients smoothly transition between preclinical and clinical testing.
Furthermore, a new credit line with GE Capital was obtained in July and the firm’s SVP and CFO Jason Monteleone told this publication it was looking to “strengthen its current capabilities” adding “anything from a decent-sized acquisition to a mid-sized CRO.”