CXR Biosciences, a leader in the field of toxicology research, was yesterday bought up by scientific laboratory and consultancy group Concept Life Sciences.
The deal is the fourth purchase for the company since its formation in 2014, following takeovers of similar firms Peakdale Molecular, Resource & Environmental Consultants and Scientific Analysis Laboratories in a $100m (£64m) enterprise value deal in July 2014.
Dundee-based CXR Biosciences will continue to operate under its current name as a member of the Concept Life Sciences umbrella group.
Financing for Concept Life Sciences’ rapid expansion has come from investment from European private equity firm Equistone Partners Europe.
Andi Tomkinson, investment director at Equistone Partners Europe and a non-executive director at Concept Life
Sciences, suggested that the group’s buying spree isn’t finished yet, and it will be looking to make further moves in the next few months.
Concept Life Sciences executive chairman Michael Fort, commenting on the group’s acquisitions plan, said: “Each of the companies we have acquired is a recognised leader in its field with an established client base.”
He continued: “We believe these companies will experience growth at an even greater pace and see genuine benefit from being part of Concept Life Sciences.”
Fort added: “The UK is a leader in life sciences and an excellent base from which to expand an international science group.”