Contract pharma research services provider Venn Life Sciences Holdings is acquiring the business of a German rival for €600,000 in shares.
This is the first acquisition since Venn moved from ISDX to Aim at the end of 2012. CRM Clinical Trials is expected to make a profit of €250,000 on revenues of €1.5m during 2014.
In the six months to June 2013, Venn reported flat revenues of €1.14m and a loss of €716,000. There was €1.31m in the bank and net cash was €990,000. There was a €1.12m cash outflow in the first half.
CRM specialises in dermatology, pneumology, urology and sports medicine and it takes Venn into Germany, Austria and India. Germany is the leading country in Europe for clinical trials. Venn already has operations in France, Ireland, the Netherlands, Russia, the UK, and a branch office in Switzerland.
At 23.5p a share, Venn is valued at £4.73m.
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