Simulations Plus acquires Pro-ficiency for $100M in cash

Simulations Plus announced the acquisition of Pro-ficiency and its subsidiaries. Simulations Plus acquired Pro-ficiency from QHP Capital and Pro-ficiency’s minority shareholders for approximately $100M in cash. The transaction expands Simulations Plus’ presence across the drug development continuum from establishing pre-clinical protocols to product commercialization, providing pharmaceutical and biotech companies with an end-to-end offering that now includes clinical trial operations, medical affairs and commercial market launches. Pro-ficiency’s suite of software and services, developed with AI technologies, is a highly complementary and synergistic addition to Simulations Plus’ platform by expanding its capabilities to enhance clinical trial and launch training, data analytics and outcomes. The transaction is being funded from existing cash and investment resources. “With approximately $119 million in cash and investments available, this acquisition allows us to utilize the capital from our August 2020 follow-on public offering,” said Will Frederick, Chief Financial Officer and Chief Operating Officer of Simulations Plus. “Following the acquisition, we remain well-capitalized with no debt, have strong free cash flow, and will continue our capital allocation strategy and corporate development initiative to seek additional opportunities for strategic acquisitions, investments, and partnerships.”