The deal, announced last month, forms the foundation for ‘a new enterprise’ that will work with healthcare and biopharmaceutical clients, according to a statement from Arsenal.

The enterprise has not been named. The acquisition of Cello Health came through Pharma Value Demonstration Bidco, a company owned by Value Demonstration, which is backed by Arsenal Capital.

It follows Arsenal’s acquisition of health economic research consultancy BresMed Health Solutions in February this year.

Jon Williams, chief executive of Arsenal’s new enterprise, said: “We are delighted to complete the acquisition of Cello Health as the foundation of this ambitious enterprise.

“We are creating an enterprise that supports better strategic decisions, generates robust data and evidence, undertakes advanced analytics to draw out critical insights, and supports communication with a range of critical stakeholders. We look forward to working with our new colleagues as we embark on the next important phase of our journey.”

Mark Scott, chief executive, Cello Health, said: “We have a shared belief with Arsenal that clients need a partner that combines industry expertise, commercial experience, scientific depth, and cutting-edge technology and data. We’re confident that we can accelerate growth by expanding support for our clients, investing in innovation, and continuing our ambition to become a world-class, truly global company.”