Protocol First Joins Flatiron Health® to Help Bridge the Gap Between Real-World Care and Clinical Research

December 17, 2021


Protocol First joins Flatiron Health® to help bridge the gap between real-world care and clinical research.


Decentralization of clinical trials has accelerated due to increasingly specialized trial designs and trial disruptions caused by the COVID pandemic. This shift is increasing utilization of risk-based and centralized monitoring protocols and with it, the need for cost-effective solutions which can ensure data reliability at scale. Concurrently, pharma sponsors and CROs have been moving towards more holistic, turnkey data solutions to reduce the complexity of decentralized study execution.

Protocol First has experienced aggressive organic growth as a result of the company’s ability to capture source data at scale directly from electronic medical records, transforming decentralized data protocols by automating source data capture. The company’s solutions dramatically increase the speed at which risk-based and central monitoring protocols can be executed and eliminate the need for data validation because data is acquired directly from the source. Protocol First’s leading-edge technology and focus on complex oncological studies made them the perfect strategic fit for Flatiron, the leader in real-world oncological evidence.

Crosstree’s Role

Crosstree acted as exclusive financial advisor to Protocol First in its acquisition by Flatiron through:

  • Helping the client develop a sell-side Quality of Earnings in a tight market with tight timelines
  • Developing and articulating a strong value proposition that connected client capabilities with market trends to weave a compelling narrative for potential buyers
  • Assessing multiple competitive offers received from a narrow group of hand-picked potential buyers so the client could base decision on real data, not hypothesis
  • Moving through an accelerated process from IOI to LOI and closed in 45 days after LOI