Artificial intelligence-led medical imaging firm Blackford Analysis has been acquired by global life sciences group Bayer.
Spun out from the University of Edinburgh in 2010 and still headquartered in the city, Blackford has a presence in the UK and US, focused on providing healthcare providers with tailored tools and services.
Following the transaction, it will continue to operate as an independent organisation on an arm’s-length basis, remaining headquartered in Scotland with no changes to the management or staff.
The company will remain accountable to advance its technology, partnerships and clinical application portfolio, while benefiting from the infrastructure and reach of Bayer as a global pharmaceutical company.
The deal is expected to close later this year, pending customary closing conditions.
Blackford has a number of strategic partnerships with blue-chip companies, as well as medical imaging AI providers, to help develop and commercialise the technology it sells to international markets.
In 2020, Blackford and Bayer collaborated through a development and licence agreement that laid the foundation for Bayer’s recently-launched medical imaging platform, Calantic Digital Solutions.
The global medical imaging AI sector is expected to continue growing dynamically, reaching $1.36bn by 2026, according to Signify Research.
Blackford founder and chief executive Ben Panter said: “Blackford exists to improve the lives of patients and populations by unlocking the adoption and benefits of medical imaging AI and we explored a number of funding options to expand the company to deliver this mission.
“Bayer’s offer allows us freedom to continue to deliver that mission as an independent, arms-length company along with all the strength and support of an experienced life science partner.
“I’d like to acknowledge our investors’ unwavering support over the last 12 years, and I’m delighted to be returning value that can be reinvested in the next generation of entrepreneurial companies in Scotland.”
Over the years, Blackford has been supported by Archangels, Old College Capital, Scottish Enterprise, Thairm Bio and Tricapital.
Stefan Oelrich, board member at Bayer and president of its pharmaceutical division, said: “We are pleased to join forces with Blackford and their exceptional team to optimally utilise our combined expertise in healthcare technology with the aim to deliver true value to radiologists and their teams for the benefit of their patients.
“Adding Blackford and its AI technology to our radiology portfolio secures Bayer an excellent position in the fastest growing segment within the overall global radiology industry.”
Alantra served as Blackford’s financial advisor in the transaction.
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