Source BioScience acquires imaGenes GmbH, Berlin, Germany

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The Board of Source BioScience plc (LSE: SBS) the provider of expert, quality services and products to the healthcare, pharma biotech and life science research sectors, is delighted to announce the acquisition of the entire issued share capital of imaGenes GmbH (“imaGenes”) of Berlin, Germany for a total consideration of £2.0 million payable in cash.

Highlights

  • Consideration of £2.0 million; revenue of £2.5 million and cash generative from operations
  • The acquisition will create one of Europe’s strongest and most comprehensive businesses for molecular products and services
  • Geographic expansion; having previously focused on the UK this acquisition will provide access to the German and broader European markets
  • imaGenes’ high end bioinformatic expertise complement Group’s investment in leading edge next generation sequencing
  • The enlarged Group will have the capability to manage and deliver more extensive projects in life science research, healthcare, agriculture and pharma biotech
  • Creation of new cross-selling opportunities, extended customer base and better utilisation of existing infrastructure

Dr Nick Ash, CEO of Source BioScience, said: “This transaction fits squarely with our stated objective of continued expansion through both targeted acquisitions and development of the existing business. The acquisition of imaGenes provides a platform for increased penetration of the European life science research and healthcare markets, acting as a catalyst for accelerated growth. The imaGenes team will bring significant depth of experience and knowledge to the Group and we will be able to leverage their existing links with academic centres and research institutions across Europe.”