31st May 2016 09:49
LONDON (Alliance News) - Healthcare IT services company Instem PLC on Tuesday said it has agreed to acquire UK-based life sciences software firm Samarind for GBP2.5 million in cash and shares.
Instem will pay an initial GBP1.5 million, comprising GBP1.3 million in cash and GBP200,000 in shares. A further GBP1.0 million will be paid, in cash and shares, based on Samarind hitting earnings expectations through to May 2018.
Samarind makes software for the life sciences sector used to enhance the quality of regulatory information and help companies to achieve and maintain compliance on biotechnology products and medical devices.
Instem said the deal adds to its portfolio of data exchange and management software services and will provide additional opportunities to provide outsourced regulatory services.
"Samarind aligns perfectly with our strategy of expanding organically and acquisitively into adjacent market areas, particularly those having strong regulatory drivers for technology adoption," said Instem Chief Executive Phil Reason.
"Although the Samarind solutions have relevance to product research and development, the larger segment of the market is for marketed drugs and medical devices, enabling Instem to tap into new areas of market expenditure," he added.
Instem shares were up 2.4% to 237.00 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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