H1, a tech platform that serves as a LinkedIn for the pharma and biotech industries, has snapped up London-based research recommendation service Faculty Opinions.
The acquisition will expand the company's healthcare professional network and make scientific insights more accessible to accelerate research and medicine, Ariel Katz, co-founder and CEO of H1, told Fierce Healthcare.
H1 did not disclose financial details of the deal.
Formerly known as Faculty of 1000 and F1000 Prime, Faculty Opinions has a "faculty" of more than 8,000 leading experts from across the life sciences, health and physical sciences. These experts provide comments, opinions and validation of the latest biological and medical research.
"This is game-changing for H1 and for the industry," Katz said. "Faculty Opinions is the No.1 place where biologists, doctors and medical professionals go to understand what is the latest, most impactful scientific research. Pharma companies also need that information when they're designing their clinical studies and trying to understand what healthcare professionals really think about what's going on in the industry."
He added, "With our channels, we think we can showcase this research to the world."
Katz and Ian Sax founded H1 in 2017 based on the idea of developing a platform to connect healthcare professionals to help pharmaceutical, biotech and medical device companies develop drugs and devices. The company has developed a massive digital professional database and data analytics platform that connects healthcare professionals and life science companies. It basically serves as a LinkedIn for the pharmaceutical and biotech industries.
The company's platform provides profiles of more than 10 million healthcare professionals and 16,000 institutions in 84 countries, according to the company. These data—regularly kept up to date by the company’s data team and other physician users—can give life science companies seeking out key opinion leaders or potential clinical trial sites information on a provider’s research portfolio, patient mix, social media activity and more.
Seven of the top 10 pharmaceutical companies in the world and several leading academic medical centers use H1 to connect with providers, find clinical research, locate industry experts, launch clinical trials and benchmark their organizations.
In August, H1 acquired Portland, Oregon-based Carevoyance to fuel a push into the medical device space. That deal closed in late July and ran the New York City-based company seven figures in cash and stock, Katz told Fierce Healthcare last fall.
Building on that acquisition, the deal to pick up Faculty Opinions allows the company to continue to grow with the aim of becoming a go-to source for healthcare professionals, Katz said.
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“Faculty Opinions has become a valued source of information for individuals and organizations seeking to identify and evaluate the significance of published articles in biology and medicine,” said Vitek Tracz, founder and chairman of Faculty Opinions, in a statement.
Joining H1 will accelerate Faculty Opinions’ mission by "increasing community engagement and making its content visible across the markets it serves," Tracz said.
The New York City-based company continues to experience strong growth along with rising demand for healthcare data to fuel clinical research and the development of diagnostics.
In 2021, H1’s annual recurring revenue grew by over 250%, according to the company.
In November, H1 banked $100 million in a series C round to expand its data and network as well as its product development and hiring.
The company is on track to double its business, according to Katz. "The acquisition of Faculty Opinions and the expansion to our doctor network will further accelerate that," he said.
"Now we have the top doctors in the world along with leading experts from across the life sciences industry. We think that's priceless to pharmaceutical, biotech and medical device companies that are developing new therapies for the market," he added.