RadNet, Inc. (RDNT) entered a merger agreement on April 15, 2025, to acquire iCAD, Inc. (ICAD) in an all-stock deal valued at about $103 million.
Under the terms of the agreement, iCAD stockholders will receive 0.0677 shares of RadNet common stock for each share of iCAD common stock they hold, representing about $3.61 per share of iCAD common stock. The per share price represents a premium of 87.05% from the stock’s last close.
iCAD is a global leader in AI-powered cancer detection and therapy solutions, offering advanced imaging analysis, workflow tools, and radiation therapy technologies to help medical providers detect cancer earlier and improve patient outcomes. Headquartered in Nashua, New Hampshire, the company serves thousands of providers worldwide through its ProFound Breast Health Suite and other platforms.
RadNet is a Los Angeles-based provider of outpatient diagnostic imaging services, operating nearly 400 centers across multiple states and offering advanced imaging, radiology IT, and AI-powered solutions through its DeepHealth subsidiary.
The transaction, expected to close in the second or third quarter of 2025, will bring together the companies’ AI-powered cancer detection and workflow solutions to focus on improving the accuracy and early detection of breast cancer.
The transaction is expected to add an installed base of over 1,500 healthcare provider locations across more than 50 countries to RadNet’s wholly owned subsidiary, DeepHealth. With iCAD’s commercial and engineering teams anticipated to join DeepHealth, the combination is expected to accelerate RadNet’s growth and strengthen its leadership in cancer screening and artificial intelligence. After the deal is closed, iCAD will be integrated into DeepHealth’s portfolio of solutions.
Piper Sandler and Dentons US are serving as iCAD’s financial and legal advisors, respectively, while RadNet is receiving legal counsel from Perkins Coie and Reed Smith.
RadNet is paying 4.33 times sales for iCAD.
For a comprehensive understanding of this merger and acquisition transaction, the Deal Metrics page offers a wealth of information:
Deal Metrics for the acquisition of iCAD, Inc. (ICAD) by RadNet, Inc. (RDNT)
The Deal Metrics page provides:
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Editor’s Note: Baranjot Kaur contributed to this article