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Home Industry News Source BioScience agrees Inverclyde Biologicals takeover

Source BioScience agrees Inverclyde Biologicals takeover

7th May 2013

Source BioScience has announced the takeover of Scottish life science company Inverclyde Biologicals for a total consideration of 1.6 million pounds.

Inverclyde is a market-leading manufacturer of high-quality diagnostic kits and blood group serology reagents, which boasts strong expertise in designing and manufacturing clinical-grade products.

The acquisition complements Source's existing healthcare products business and provides new cross-selling opportunities, an extended customer base and improved utilisation of existing infrastructure.

It will also allow Source to expand its presence in the Scottish market, meaning it can establish an overnight DNA sequencing service accessible by the Scottish research community.

Dr Nick Ash, chief executive officer of Source BioScience, said: "The acquisition of Inverclyde Biologicals fits squarely with our stated objective of continued expansion through both targeted acquisitions and development of our existing business."

Last year, Source increased its annual revenue by eight percent to 16.4 million pounds, while its operating profit level more than doubled to 1.2 million pounds.ADNFCR-8000103-ID-801582042-ADNFCR

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