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Avacta Group
- BY: Andrew Hore |
- POSTED: 03/03/2010 |
- COMMENTS: Add yours
Diagnostic equipment provider Avacta Group is expanding its animal health operations through the acquisition of Reactivlab.
Avacta is paying an initial £80,000 in shares - at roughly 1.8p a share - with two more potential deferred payments based on percentages of sales volumes in the second (30%) and third years (100%) after completion of the purchase. These payments will be in shares at a minimum price of 1.5p each. The maximum deferred consideration is £5m.
Reactivlab develops veterinary diagnostic tests using Acute-Phase Proteins. These are a class of proteins whose concentrations in the blood change as part of the immune and inflammatory response to a wide range of problems such as infections, diabetes, hypertension and cardiovascular disease.
Reactivlab generated revenues of £142,000 and a similar loss in the year to July 2009. There was cash in the bank of £83,000 at the end of 2009.
The deal will provide additional tests that could be used with Avacta’s equipment and supplied through its laboratory services business.
At 1.77p a share, up 0.025p on the day, Avacta is valued at £22.8m.
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