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20 June, 2006 - 17:12 By Staff Reporter

Celsis paying £16.2 million for American business

Celsis International, the rapid diagnostics and analytical services company based in Newmarket, is acquiring In Vitro Technologies, Inc – a US provider of in vitro testing products and services to the pharma and bio industries – for an initial consideration of £16.2m cash, plus an earn-out consideration capped at £2.7m.

Celsis International, the rapid diagnostics and analytical services company based in Newmarket, is acquiring In Vitro Technologies, Inc – a US provider of in vitro testing products and services to the pharma and bio industries – for an initial consideration of £16.2m cash, plus an earn-out consideration capped at £2.7m.

IVT supplies products and services to improve the drug discovery and development process, focusing on the growing in-vitro ADME-Tox market (Absorption, Distribution, Met-abolisation and Excretion), which improves the success rate in drug testing.

Clients include large blue chip pharmaceutical and bio-technology companies.

Jay LeCoque, Celsis CEO, said: “With the acquisition, Celsis will have significantly transformed its business through improved product and services portfolio and creating clear cross-selling opportunities which we expect to deliver material growth in the coming years.

“Celsis is well positioned to continue its track record of strong growth both organically and by acquisition.”

He is forecasting attractive growth prospects of the in-vitro ADME-Tox market. IVT’s 2005 turnover was £6.27m with an operating profit of £650k.

The acquisition was ann-ounced with Celsis’ annual results – a strong set of figures showing the company’s pro-gress in the last couple of years. Turnover was up 8.9 per cent to £17.9m with pre-tax profit 15.4 per cent ahead to £3.89m; cash improved to £11.46m (£9.4m).

LeCoque said: “Celsis has delivered another year of double digit organic profit growth. Our product group continues to develop its business across our major market segments and we look forward to new nucleic acid based detection systems currently being developed by our R&D team.

“Our laboratory group had an extremely successful second half of strong orders from our growing pharma and biopharmaceutical customer base.”

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