Source BioScience Announces Acquisition of Inverclyde Biologicals Limited

Source BioScience plc has announced the acquisition of the entire issued share capital of Inverclyde Biologicals Limited (‘Inverclyde Biologicals’), Motherwell, Scotland for a total consideration of £1.6 million payable in cash.

Highlights
• Inverclyde is a market leading manufacturer of high quality diagnostic kits and blood group serology reagents
• Consideration of £1.6 million; cash acquired with the business of £0.3 million
• Revenue of £0.7 million; £0.2 million profit before tax and cash generated from operations
• Complementary with existing Source BioScience healthcare products business with the same high standards for quality and service and a strong reputation within the NHS
• Creation of new cross-selling opportunities, an extended customer base and better utilization of existing infrastructure
• Inverclyde Biologicals’ expertise in designing and manufacturing clinical grade reagents complement the Group’s expansion plans for the reSource™ range of life science products
• Geographic expansion into Scotland, providing the opportunity to establish an Overnight Service for DNA sequencing accessible by the Scottish research community
• The current Inverclyde Biologicals directors are both remaining with the Group and bring a well regarded and qualified talent, together with a dedicated, highly skilled and knowledgeable workforce.

Dr Nick Ash, CEO of Source BioScience, said: “The acquisition of Inverclyde Biologicals fits squarely with our stated objective of continued expansion through both targeted acquisitions and development of our existing business. This acquisition provides a platform for increased penetration of the UK healthcare market, acting as a catalyst for our accelerated growth. The Inverclyde Biologicals team will bring significant experience and knowledge to the Group and we will be able to leverage the enlarged Group’s existing links with healthcare providers across the UK and distributor network overseas.”