Merck Global Health Innovations Fund LLC will invest up to $17 million in Marlborough’s Physicians Interactive Holdings Inc., the company announced.
The financing includes an initial sum of $8.5 million and the potential for another $8.5 million as certain milestones are achieved.
Physicians Interactive makes mobile and web-based resources for doctors, including medical reference tools, electronic drug sampling and interactive education. The tools can be accessed on mobile devices, or through electronic health records systems.
The company was founded in 1995 and was acquired by private equity firm Perseus Partners in 2008.
As part of the funding agreement, Merck Global Health innovations Fund will have a minority position in Physicians Interactive and will appoint a member of the company’s board of directors, which currently has six members.
