Source BioScience completes acquisition of imaGenes

Source BioScience has finalised its acquisition of German company imaGenes for two million pounds in cash.

The Nottingham-based life sciences, healthcare and pharmaceutical firm claimed the deal will help it to expand into European markets, create new cross-selling opportunities and boost its consumer base.

Furthermore, the company's ongoing investment in next-generation DNA sequencing will be complemented by the high-end bioinformatic expertise offered by imaGenes.

Chief executive of Source BioScience Dr Nick Ash said the transaction reflected the firm's strategy of "continued expansion through both targeted acquisitions and development of the existing business".

He added: "The imaGenes team will bring significant depth of experience and knowledge to the group."

The acquisition of the Berlin-based business adds revenue of 2.5 million pounds to Source BioScience's operations.

In an interim management statement published last month, Source BioScience said its performance had met expectations, with 5.8 million in cash resources at the end of September 2010.