31st Oct 2013 13:32
LONDON (Alliance News) - Clinical research and development company, Venn Life Sciences Holdings PLC Thursday said that it has signed a conditional agreement to acquired the trade and certain business assets and liabilities of German-based clinical research organisation, CRM Clinical Trials GmbH, for EUR0.6 million.
Venn Life Sciences said that the acquisitions will be paid in EUR0.6 million worth of shares, based on the average price of the company's shares, during the preceding five days prior to completion.
It said that that the completion of the acquisition is conditional upon the consent of certain key clients transferring their contracts, and the allotment of the consideration shares being admitted to trading on AIM.
The company said that the acquisition expands its geographical footprint across multiple sites in Europe.
"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," said Chief Executive Officer Tony Richardson in a statement.
Shares in the company were down 24.5% Thursday morning, trading at 20.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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