Pharmaceuticals company Cyprotex has acquired Apredica for £2.68 million.
AIM-listed pharmaceuticals concern Cyprotex has acquired US-based counterpart Apredica for £2.68 million in cash and shares.
Massachusetts-based pharmaceutical company Apredica, founded in 2006, carries out the testing of early stage drugs in development, as well as of products including cosmetics and agrochemicals. Apredica has 173 clients including drug discovery companies and government agencies and reported net profits of £100,000 for 2009, on £1.05 million turnover.
Cheshire-based Cyprotex provides drug testing for drug discovery companies to assess potential toxicity. The AIM-listed company had a 2009 turnover of £5 million. Cyprotex plans to open a new toxicology laboratory in Macclesfield in October 2010. The acquisition will give the company laboratory and customer service operations in the US.
Anthony Baxter, CEO of Cyprotex, says: ‘We believe the acquisition is revenue and earnings enhancing and highly valuable to our shareholders.’
All of Apredica’s employees will remain with the enlarged business upon completion of the deal.