31 Oct 2013 07:00
31 October 2013
Venn Life Sciences Holdings Plc
("Venn" or the "Company")
Acquisition of German based CRO
Venn Life Sciences (AIM: VENN), a growing Clinical Research Organisation (CRO) providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces that it has signed a conditional agreement for the acquisition of the trade and certain business assets and liabilities of CRM Clinical Trials GmbH ("CRM"), a German based CRO, for a total consideration of €0.6m.
During 2014 the CRM business is expected to generate revenues of around €1.5m (2013: €1.2m) and to contribute a profit before tax of circa €250,000 (2013: €200,000).
The consideration will be satisfied by a payment of €0.6m in shares on completion, based on the average price of Venn shares during the preceding 5 days prior to completion. Completion of this acquisition is conditional upon the consent of certain key clients to the transfer of their contracts with the seller. In addition, the allotment of the consideration shares will be conditional on them being admitted to trading on AIM.
The acquisition of CRM Clinical Trials GmbH expands Venn's geographical footprint across multiple sites in Europe and establishes a presence in one of Europe's most significant regions for clinical trials. Founded in 1996 CRM is a full service CRO based in Rheinbach, Germany. CRM specialises in dermatology, pneumology, urology and sports medicine, and in addition to the German market, CRM also serves the Austrian and Italian markets, having developed excellent relationships with some of the world's leading pharmaceutical and biotech companies. For further information please visit www.crm-ct.de/en/index.html.
Commenting on the acquisition, Tony Richardson, CEO of Venn, said: "We are delighted to welcome the CRM team to Venn. This acquisition is a significant step in the right direction for Venn and our strategy of becoming a key player in the European clinical research market. With Germany the leading country in Europe for conducting clinical trials, our presence there enhances both our ability to conduct multi centre trials and our core therapeutic experience. The Board expects to make further announcements regarding acquisitions in the near future."
Enquiries:
Venn Life Sciences Holdings Plc | |
Tony Richardson, Chief Executive Officer | Tel: +353 154 99 341 |
Paul Foulger, Finance Director | Tel: 020 7933 8797 |
Orla McGuinness, Marketing Manager | Tel: +33 (0)1 30 82 67 07 |
Zeus Capital (Nominated Adviser and Broker) | |
Ross Andrews/Andrew Jones(Corporate Finance) | Tel: 0161 831 1512 |
John Goold (Institutional Sales) | Tel: 0207 533 7716 |
Alex Davies (institutional Sales) | Tel: 0207 533 7715 |
Dominic Wilson (Analyst) | Tel: 0207 533 7721
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Walbrook PR Ltd |
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Paul McManus | Mob: 07980 541 893 |
Lianne Cawthorne | Mob: 07584 391 303 venn@walbrookpr.com 0207 933 8787 |
Additional Information:
About Venn Life Sciences Limited: www.vennlifesciences.com
Venn Life Sciences is a Clinical Research Organisation ("CRO") providing a suite of clinical trial management services to pharmaceutical, biotechnology and medical device organisations. With operations in France, Ireland, the Netherlands, Russia, the UK, and a branch office in Switzerland, the Venn Group also includes a Clinical Resourcing business placing experienced clinical teams and individuals on projects throughout Europe. The Company's near term objective is the expansion of its coverage to other European countries through strategic acquisitions and organic growth, offering clients a full service, multi-centred capability in Phase II-IV trials and across a range of principal disease areas.