(Alliance News) - NetScientific PLC said on Friday it acquired a 30% stake in Vortex Biotech Holdings Ltd for GBP300,000.
The group previously held a 95% interest in Vortex US, however the company's previous management opted to sell this interest to Deeptech Disruptive Growth Investments Ltd on March 22, 2019 as it concluded that the group was no longer in a position to provide financial support to Vortex US.
Vortex is a Trans-Atlantic company operating commercially at the junction of liquid biopsy, cell analytics and oncology markets, the company explains.
The London-based life sciences and sustainability technology investment firm added that the acquisition is conditional upon the receipt by Deeptech of a customary HMRC tax clearance relating to the restructuring of VBHL.
Chair John Clarkson said: "NetScientific is delighted to secure this excellent transaction, which captures both significant value and substantial upside potential in Vortex, which has over recent years significantly strengthened and de-risked its business proposition.
"This 30% stake in Vortex fulfils our criteria for deeper involvement in selected portfolio companies, focused on delivering enhanced shareholder returns."
Since the end of 2019, two of NetScientific's portfolio companies - Vortex Biosciences Inc and Wanda Inc - have been sold to Deeptech. The companies were sold in March for GBP112,999 and GBP37,001 respectively.
Netscientific shares were up 1.8% at 79.40 pence each on Friday afternoon in London.
By Xindi Wei; xindiwei@alliancenews.com
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Netscientific (NSCI)