Macclesfield drug researchers acquire US operation
Macclesfield-based drug development outfit Cyprotex has acquired a US firm involved in products for the cosmetic and personal care industries.
The £0.63 million deal will see Cyprotex acquire Kalamazoo-based CeeTox, a loss making contract research organisation.
Cyprotex’s US trading subsidiary, Apredica LLP, handled the deal which is expected to move Ceetox’s operations to Cyprotex’s Watertown, MA base.
The firm will pay a further consideration of 5% on specified net sales achieved in the next four years to a maximum of £3.1 million.
Dr Anthony Baxter, CEO of Cyprotex, said: “The acquisition of CeeTox and its world-respected in vitro toxicology assays affords Cyprotex the opportunity to grow revenues significantly.
“Principally, it enables the Company to offer a more complete assay and screening service to the Cosmetics and Personal Care Industry, already an expanding customer segment, and will materially extend the Company’s footprint in its established core Pharmaceutical and Agrochemical industry markets.
“The innovative assays and screens that CeeTox has developed over its 10-year life are complementary to our existing comprehensive platform. In particular, we are excited by the potential for selling the Endocrine Disruptor Screening Programme (EDSP) service to both current Government agency customers and to industrial chemical companies.”
Mr. Tim Mitchell, CEO of CeeTox, added: “We are delighted that, in acquiring the CeeTox business, Cyprotex is committed to both maintaining our reputation for innovative high quality science and to growing our existing customer base.
“The combination of our two businesses represents an outstanding opportunity to leverage our capabilities and capitalise on the enormous market potential across a variety of industries that require in vitro toxicity screening services.”
This was posted in Bdaily's Members' News section by Tom Keighley .