French software company Dassault Systems says it will buy U.S.-based Medidata Solutions for $5.8 billion in cash.
Dassault said Wednesday that it was offering of $92.25 for each share of Medidata, slightly less than its $94.75 closing price on Tuesday. Medidata shares dipped about 4% in premarket trading.
New York-based Medidata provides cloud-based services and software to help medical and pharmaceutical companies manage data and track clinical trials.
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The companies said that 18 of the top 25 pharmaceutical companies are Medidata clients. Medidata, which has 16 offices across seven countries, had revenue of $636 million last year.
The deal is expected to close in the last quarter of 2019 pending approval by a majority of Medidata shareholders.
The Associated Press contributed to this report.
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