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Dive Brief:
Ciox Health and Datavant are merging in a deal valuing the combined health data companies at $7 billion, the latest in a string of mergers meant to unite siloed data in healthcare.
The combined company, called Datavant, will facilitate data exchange across a network of thousands of hospitals and clinics, and bring in annual revenue of $700 million, according to the Wednesday announcement.
The merger, expected to close in the third quarter, could pave the way for an initial public offering in the future, unnamed sources close to the deal told Bloomberg.
Dive Insight:
Real-world health data company Datavant and health record IT firm Ciox Health say combining forces will result in the largest health data ecosystem in the U.S., making patient-level medical information more widely accessible to doctors and researchers.