Precision instruments maker Spectris has bought up a UK-based drug discovery and consultancy firm from private equity group Equistone Partners Europe for £163m.
Spectris, which is listed on the FTSE 250 index and has a market capitalisation of about £3bn, said the purchase of Concept Life Sciences would strengthen its portfolio and allow it to provide more services to customers.
"The business has a history of delivering double digit growth and we expect that to continue," Spectris said in a statement.
Concept Life Sciences, which also provides analytical services to the food, consumer and environmental industries, had gross assets worth £73.4m as of December 2016.
In the year to December 2017, the firm's pro-forma revenue, including the impact of acquisitions, was £48.7m, while core earnings were £9.3m.
The acquisition will allow Spectris to perform testing services for pharmaceutical, biopharmaceutical and agrochemical markets, which are markets where it sees continued growth as a result of increasing regulation, complex research and development and investments in new therapies.
John O'Higgins, chief executive, said: "Concept Life Sciences is a high-quality services business which further strengthens our portfolio and enhances our ability to provide customers within the pharmaceutical, life sciences and advanced materials sectors with a combined product and service proposition."
Shares in Spectris were up marginally at 2,579p.