Cyprotex acquires fellow research organisation

2nd Jan 2014 09:29

AIM-listed Cyprotex, a contract research organisation, has acquired CeeTox, a division of North American Science Associates. CeeTox, which was acquired for an initial £0.63m, specialises in the provision of in vitro toxicological assays and screening data, principally to the cosmetic and personal care Industries.The business was acquired by medical research group NAMSA in 2005, which retains a licence for applying CeeTox's in vitro toxicology expertise to medical device testing.CeeTox had sales of approximately £2.3m in the year ended September 30th 2013 and made an operating loss of approximately £0.9m. The initial consideration for the purchase, which is expected to be earnings neutral in the first year, was funded by internal cash resources. A further consideration of 5% payable on specified net sales achieved in the next four years to a maximum of £3.1m.NR