(Alliance News) - Gene modulation firm Horizon Discovery Group PLC said Friday it sold its animal research In Vivo unit to Envigo RMS LLC for an unspecified nominal cash consideration.
In Vivio provides genetically engineered rodent models used in pre-clinical models in drug discovery.
In 2018, In Vivo generated an earnings before interest, taxes, depreciation & amortisation loss of GBP1.3 million on revenue of GBP4.6 million. Over the same period, Horizon generated a GBP32.5 million earnings before interest, tax, depreciation and amortization loss on GBP58.7 million revenue.
"In our recent results statement, we highlighted the fact that In Vivo was facing some challenging market headwinds," Horizon Chief Executive Officer Terry Pizzie said. "Whilst we have been working hard to optimise In Vivo's performance, we recognise that we are subscale in this market and that it would be challenging for the group to establish a market leading position in this segment."
Shares in Horizon were marginally lower at 168.99 pence in London on Friday.
By Ahren Lester; ahrenlester@alliancenews.com
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