Celsis to Acquire In Vitro Technologies

Celsis International plc has announced the proposed acquisition of In Vitro Technologies, Inc. for an initial consideration of $30 million in cash, plus an earn-out consideration capped at $5 million.

Reasons for the Acquisition:

- Attractive growth prospects of the in-vitro ADME-Tox market

- Complementary fit with existing Celsis businesses which focus on saving time and money for pharma and biotech customers

- Addition of products with attractive margins

- Cross-selling opportunities to combined customer base

- Introduction of skills and expertise to the Group for future products and services development

Excluding goodwill amortisation and exceptional costs, the acquisition is expected to be earnings enhancing in the first full year of ownership.

This statement should not be interpreted to mean that the Group’s future earnings per share will necessarily be greater than its historical earnings per share.

Commenting on announcement, Jay LeCoque, Chief Executive Officer said, "With the acquisition announced today of In Vitro Technologies Inc., Celsis will have significantly transformed its business through improved product and services portfolio and creating clear cross-selling opportunities which we expect to deliver material growth in the coming years."

"Celsis is well positioned to continue its track record of strong growth both organically and by acquisition."

Paul Silber, IVT’s founder, added, "We could not have hoped for a better strategic partner than Celsis. The synergy created by joining forces will create a strong team with great potential for future growth."

"This new combination will provide our respective customers with great value through a significantly expanded product and service offering. I very much look forward to working with the team at Celsis."