Source BioScience plans Select Pharma Laboratories takeover

Source BioScience has conditionally agreed to acquire the entire issued share capital of Select Pharma Laboratories.

The 7.3 million pound deal is anticipated to create one of Europe's strongest and most comprehensive businesses for integrated stability storage and stability testing services if it is completed as planned.

Select is recognised as a European leader in pharmaceutical testing, including physical and chemical testing, and microbiological analyses for applications in therapeutics and healthcare products.

The merged group would be able to offer an enhanced portfolio of bioanalytical laboratory services from facilities accredited by the Medicines and Healthcare Products Regulatory Agency and US Food and Drug Administration, while creating significant opportunities for cross-selling and geographic expansion.

Dr Nick Ash, chief executive officer of Source BioScience, said: "The proposed acquisition of Select will provide the Company with the expertise and capability to provide stability testing services that are highly complementary with the group's existing stability storage services."

The firm delivered a strong performance in terms of profits and earnings in 2014 and has been able to maintain that momentum during the early part of 2015.