The company describes itself as a patient-centered healthcare evidence-generation company and says the strategic consolidation puts it on the map within a rapidly evolving life sciences landscape.
PicnicHealth engages directly with patients to collect and curate extensive clinical data and patient-reported outcomes (PROs) to ‘generate rich insights across patient healthcare journeys’. Historically, generating such evidence has required the establishment of a network of clinical sites, which are expensive to operate, burdensome to patients and sites, and often lead to delays.
PicnicHealth and AllStripes say they have pioneered a new model by working directly with patients, enabling a deeper view of each patient's health and experience while reducing the challenges of traditional site-based studies.
AllStripes’ already has strong relationships across patient communities, and PicnicHealth says it will expand its footprint and enhance its ability to guide critical and deep evidence generation.
“Through this acquisition, PicnicHealth will be able to better engage our patient community by incorporating the best of AllStripes’ patient experience into the PicnicHealth platform,” said Noga Leviner, CEO of PicnicHealth.
“AllStripes and PicnicHealth share a common vision of elevating clinical studies by putting patients at the core of the research experience. By combining forces, we can unlock the potential of patient-centered studies and provide best-in-class solutions to support therapeutic development.”
Through direct and long-term engagement with the PicnicHealth and AllStripes patient communities, PicnicHealth believes it will expand and enhance solutions available to life sciences customers. The focus of the solutions will be making clinical research and registry development more effective and efficient.
“This deal builds on the premise that patient-centric evidence generation can empower patients and ultimately accelerate the development of new treatments,” said Nancy Yu, CEO of AllStripes.
“PicnicHealth will continue both companies' work to harness the power of patient data to support biomedical research.”
The acquisition follows AllStripes' $50 million series B funding round in 2021 and PicnicHealth's $60 million series C round in 2022.
Financial terms of the transaction are not disclosed.