NextGen acquires Michigan company
Alconbury-based gene-to-protein firm, NextGen Group, has acquired Michigan’s Proteomic Research Services, a specialist in identification and characterisation of proteins, for a potential $1.7 million (£900,000).NextGen will pay $498,500 (£264k) with up to a further $1,201,500 (£636k) payable subject to the meeting of specific revenue targets over the next three years. The company has raised £630k to help finance the deal through a 90m ordinary share placing. PRS generated revenues of $1.2m (£635k) for 2005 and made a net loss of $272,518 (£144k).
It gives NextGen a US base from which it can conduct and expand its commercial activities in North America and will be home to a new “Centre of Excellence.”