Business
Acquisition of French CRO
Acquisition of French CRO.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 2315O Venn Life Sciences Holdings PLC 05 August 2014 \n \n\n \nVenn Life Sciences Holdings Plc\n(\"Venn\" or the \"Company\" or the \"Group\")\n \nAcquisition of French CRO\n \nExpansion of Venn's service offering into Data Management & Randomisation\n \nVenn Life Sciences (AIM: VENN), a growing Clinical Research Organisation (CRO) providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces the acquisition of Cardinal Systems SAS (\"Cardinal\"), a France based CRO specialising in Data Management and Randomisation systems.\n \nThe acquisition extends Venn's service offering into Data Management and Randomisation, a customer requirement that was previously outsourced, and so further strengthens the Company's position as a leading full-service European CRO. \n \nAcquisition terms\nUnder the terms of the acquisition Venn has subscribed for €200,000 of new ordinary shares in Cardinal and has purchased existing shares in Cardinal for a consideration of €272,780. The total consideration will be paid in cash from existing funds and following this subscription and purchase of new shares Venn will own 79.8% of the enlarged share capital of Cardinal. \n \nOn 30 September 2014 Venn will subscribe cash for a further €200,000 of new Cardinal shares increasing its shareholding to 85.2%. Venn has a call option over the remaining 14.8% the consideration for which would be based on the financial performance of Cardinal for the year to 30 September 2015.\n \nAbout Cardinal\nFounded in 1996 and based in Paris, Cardinal brings significant experience of Data Management and Randomisation into the Venn fold, increasing Venn's capacity to bid for larger international clinical trials with an in-house full-service offering. Cardinal is well known for its enhanced technological systems and adeptness at managing multiple sites and has an active global client base including large & mid-sized Pharmaceutical companies, Governmental organisations, Non-profit organisations and Biotechnology firms. The addition of these services as a core service offering further emphasises Venn's status as a full service pan-European CRO. In the ye...