Date: 2015-09-22
Type of information: Company acquisition
Acquired company: Kinesis Pharma (The Netherlands)
Acquiring company: Venn Life Sciences (Ireland)
Amount: €6.5 million
Terms: * On September 22, 2015, Venn Life Sciences has entered into an agreement to acquire the entire issued share capital of Kinesis Pharma BV, a Netherland based provider of specialist consultancy services around the chemical-pharmaceutical, non-clinical and early clinical development of drug products, for a total maximum consideration of up to €6.5m. Total maximum consideration of €6.5m is to be satisfied by: €3.6m on completion, €2.0m in cash and €1.6m in shares. Venn will also pay up to €2.9m maximum contingent consideration based on future performance, half in cash and half in shares. The company also announced that it has raised £3.6 (€4.96) million through the issue of 16,231,311 new Ordinary shares at 22 pence each. The acquisition and placing are conditional on shareholder approval.
Details: Venn Life Sciences is a full service European Clinical Research Organisation providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device organisations. With dedicated operations in France, Germany, the Netherlands, the UK, Ireland and Europe wide representation, Venn specialises in both national and European-wide Phase II–Phase IV multi-site trials with extensive expertise in EU regulations, therapeutic areas and local languages. The acquisition of Kinesis Pharma will enhance Venn\'s offering in the early stage development arena. Kinesis Pharma provides specialist consultancy services around chemical-pharmaceutical, non-clinical and early clinical development of drug products. Specifically, it is involved in the regulatory aspects of drug substance and drug product development, lead optimisation, non-clinical and early clinical evaluation. Kinesis Pharma’s clients operate predominantly within the pharmaceutical industry (which accounted for over 60 per cent. of total revenues in the last financial year) and it enjoys repeat business with the majority of its customer base with the top 5 clients having been customers for a number of years. Kinesis Pharma has approximately 60 employees in the Netherlands and a presence in Singapore. In the year ended 31 December 2014, it reported revenues of €5.9 million and EBITDA (adjusted for excess management fees) of €0.6 million.
Related: CRO clinical research
