RadNet to Acquire iCAD in $103 Million All-Stock Deal
Deal News | Apr 15, 2025 | Globenewswire
RadNet, Inc., a leading provider of diagnostic imaging services, has entered into a definitive merger agreement to acquire iCAD, Inc., a global leader in AI-powered breast cancer detection solutions. The $103 million all-stock transaction is anticipated to enhance RadNet's cancer detection capabilities through the integration of iCAD's ProFound Breast Health Suite into its DeepHealth subsidiary. This strategic acquisition aims to improve the accuracy and early detection of breast cancer, leveraging AI technology. It is expected to close in the second or third quarter of 2025, subject to stockholder and regulatory approvals. The merger will add over 1,500 provider locations across more than 50 countries to RadNet's portfolio, significantly expanding its market presence and accelerating its leadership in AI-driven cancer screening. More than 8 million mammograms are facilitated by iCAD's solutions annually, and the collaboration aims to further enhance patient outcomes worldwide. Legal and financial advisors for the firms include Perkins Coie LLP, Reed Smith LLP, Piper Sandler & Co., and Dentons LLP.
Sectors
- Healthcare
- Artificial Intelligence
- Medical Technology
Geography
- United States – RadNet is based in Los Angeles, CA and operates primarily across the U.S., making it a primary geographical focus.
- Global – iCAD serves over 50 countries globally, indicating the extensive reach of its healthcare solutions.
Industry
- Healthcare – The industry is relevant due to the focus on cancer detection and healthcare solutions provided by both RadNet and iCAD.
- Artificial Intelligence – AI is central to the solutions offered by both companies, particularly in enhancing detection and diagnostic capabilities for breast cancer.
- Medical Technology – The article discusses medical technology advancements within the context of diagnostic imaging and AI applications in healthcare.
Financials
- $103 million – The transaction value of the acquisition, based on RadNet's closing stock price as of April 14, 2025.
- $3.61 per share – The value of each iCAD common stock share in the transaction, reflecting a 98% premium over iCAD's closing stock price on April 14, 2025.
- 0.0677 shares – The exchange ratio of RadNet common stock for each share of iCAD common stock in the all-stock transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| RadNet, Inc. | Acquirer | Company | A leading provider of diagnostic imaging services and digital health solutions in the U.S. |
| iCAD, Inc. | Target Company | Company | A global leader in AI-powered breast health solutions, offering products for cancer detection and risk evaluation. |
| DeepHealth | Subsidiary | Company | RadNet's subsidiary focused on AI-powered healthcare solutions. |
| Perkins Coie LLP | Legal Advisor | Company | Served as legal counsel to RadNet for the transaction. |
| Reed Smith LLP | Legal Advisor | Company | Provided legal advisory services to RadNet. |
| Piper Sandler & Co. | Financial Advisor | Company | Served as financial advisor to iCAD. |
| Dentons LLP | Legal Advisor | Company | Provided legal services to iCAD during the transaction. |