Venn expands in Europe with two acquisitions
Purchases Medevol in Belfast, Northern Ireland and CRM in Rheinbach, Germany
Venn Life Sciences has bought two European clinical research organisations, UK-based Medevol Clinical Services and CRM of Germany, in the last three months of 2013.
The firm, which provides clinical trial management and resources to pharmaceutical, biotechnology and medical device clients, has this month paid £670,000 for Medevol, a CRO business based in Belfast, to strengthen its UK operations.
Venn has paid an initial cash consideration of £70,000 for Medevol, to be satisfied through the company’s existing cash resources. There will be additional deferred consideration payable of up to a maximum of £600,000 over the next two years.
Medevol has been active in the UK clinical trials market since 2001, conducting full-service clinical trials for global pharmaceutical and biotechnology companies. Providing services across Phases II-IV, Medevol has extensive therapeutic experience across a broad range of indications.
In October, Venn acquired certain business assets and liabilities of CRM Clinical Trials, a Rheinbach, Germany-based CRO for €0.6m.
During 2014 CRM is expected to generate revenues of around €1.5m and to contribute a profit before tax of €250,000.
CRM specialises in Phases II–IV clinical trials in dermatology, pneumology, urology and sports medicine. In addition to Germany, CRM also serves the Austrian and Italian markets.
Commenting on the acquisitions, Tony Richardson, CEO of Venn, said: 'Medevol is the right fit for Venn as we continue to expand our business across Europe and increase our project pipeline. Venn, Medevol and the CRM business have a shared global pharmaceutical client and this acquisition affords us the opportunity to develop that relationship as a key strategic account for the group going forward.
'The skills and talent that we are adding to our company further enhance our reputation as a mid-sized CRO that stays close to its clients, guiding them through the often complicated process of conducting trials across Europe.'
