Durham biotech firm acquires London bioscience company in bid to become "centre of excellence"
A North East biotech company has announced the acquisition of a London transgenics services provider.
Magnitude Biosciences reported today that it has strengthened its portfolio with the acquisition of Invermis, which specialises in elegans transgenics, which aims to tackle issues faced by the ageing, neurodegenerative and microbiome scientific community.
The company has said that the acquisition will help it to become a “European centre of excellence”.
Invermis’ existing training workshops and services will be fully retained and conducted from Magnitude Biosciences laboratories in Durham.
In turn, the genetically-modified nematode strains generated will be added to Magnitude Biosciences’ automated imaging technology platform.
CEO Dr. David Weinkove commented: ’‘Our acquisition of Invermis marks a significant step for Magnitude Biosciences as it adds a new range of services to our existing portfolio to create a European centre of excellence - and it’s based here in the North East!’’
Dr. Michael Fasseas, founder of Invermis, added: ’’I am excited to become part of the Magnitude team here in the North East.
“Invermis and Magnitude have each put a lot of effort in perfecting highly specialised skills, and combining them will be very powerful, as well as make life easier for our clients.
“Together, we will be able to offer more, and better demonstrate what a great alternative model C.elegans is to the pharmaceutical industry.’’
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