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Curidium Medica/Avacta Group

  • BY: Andrew Hore |
  • POSTED: 09/02/2009 |

Avacta Group’s shareholders have agreed to its bid for Curidium Medica and Avacta has already bought two other businesses this year.

Shareholders in personalised medicine developer Curidium Medica are due to vote on the scheme of arrangement that is being used in the bid on 11 February and the bid should be completed by 4 March.

Avacta is paying up to £825,000 - £700,000 initially and £125,000 depending on performance – for YorkTest Veterinary Services Ltd, which supplies laboratory services. This will help Avacta increase business in the animal market. The two companies have already been working on diagnostics technology.

YorkTest provides an animal allergy testing service to veterinary practices.

YorkTest made on operating profit of £171,000 on revenues of approximately £1.04m.

In January, Avacta announced the acquisition of Theragenetics for up to £2.05m. Theragenetics is a personalised medicine diagnostics company developing tests relating to the treatment of central nervous system disorders such as schizophrenia and depression. That makes it a good fit with Curidium.

At 2.125p a share, Avacta is valued at £17.9m.

Avacta is offering 14.5 of its own shares for each Curidium share, which values them at nearly 31p each.

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