Venn Life Sciences Holdings PLC Acquisition of French CRO (2315O)
05 Août 2014 - 8:01AM
UK Regulatory
TIDMVENN
RNS Number : 2315O
Venn Life Sciences Holdings PLC
05 August 2014
Venn Life Sciences Holdings Plc
("Venn" or the "Company" or the "Group")
Acquisition of French CRO
Expansion of Venn's service offering into Data Management &
Randomisation
Venn 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.
The 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.
Acquisition terms
Under the terms of the acquisition Venn has subscribed for
EUR200,000 of new ordinary shares in Cardinal and has purchased
existing shares in Cardinal for a consideration of EUR272,780. 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.
On 30 September 2014 Venn will subscribe cash for a further
EUR200,000 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.
About Cardinal
Founded 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 year to 30(th) September 2013 Cardinal
recorded a loss before tax of EUR444k. Since then Cardinal has
undertaken a significant restructuring and accordingly this
acquisition is expected to be earnings enhancing in its first full
year.
Tony Richardson, CEO of Venn Life Sciences, said: "The
combination of Cardinal's IT expertise with Venn's extensive
clinical trial management experience enables us to offer our
sponsors a more holistic approach to managing their trials. Our
sponsors have highlighted to us in recent times the importance of
having these services under the one roof and we moved quickly to
find a suitable company that fits into the Venn organisation. This
enhances our growth opportunities as a company as we can target a
wider portfolio of studies and we have already encountered positive
feedback from potential customers in anticipation of this kind of
deal."
Cardinal CEO, Antoine Périer, commented: "We are excited to have
joined one of Europe's fastest growing CROs and we believe that
coming under the Venn umbrella sees us increase our ability to
pitch for bigger business to a wider global audience."
The Cardinal team will continue to be based out of the Paris
office and will work in tandem with each of the Venn offices across
Europe.
Enquiries:
Venn Life Sciences Holdings Plc www.vennlifesciences.com
Tony Richardson, Chief Executive Officer Tel: +353 154 99 341
Orla McGuinness, Marketing Manager Tel: +594 694410116
Zeus Capital (Nominated Adviser and
Broker)
Ross Andrews/Andrew Jones(Corporate Tel: +44 (0)161 831 1512
Finance)
Dominic Wilson (Institutional Sales) Tel: +44 (0)20 7533 7727
Walbrook PR Ltd Tel: +44 (0)20 7933 8780 or venn@walbrookpr.com
Paul McManus Mob: +44 (0)7980 541 893
Lianne Cawthorne Mob: +44 (0)7584 391 303
About Venn Life Sciences Limited:
Venn Life Sciences is a Clinical Research Organisation providing
clinical trial management and resourcing solutions to
pharmaceutical, biotechnology and medical device organisations.
With dedicated operations in France, Germany, the Netherlands, the
UK and Ireland and Europe wide representation - Venn specialises in
rapid deployment and management of multisite projects. Venn
recently established an innovation division - InnoVenn - focused
primarily on breakthrough development opportunities in Skin
Science.
About Cardinal - www.cardinal-sys.com
Cardinal Systems is a full service CRO founded in 1996 with
experience in International Project Management, Regulatory, Data
Management, Statistics and Technology. Specialised in innovative
methodology (such as adaptive designs) and robust technology,
Cardinal Systems offers global clinical trial services with high
added-value to biotechnologies. Supported by an international
network of experts, Cardinal offers a streamlined and
regulatory-compliant workflow and provide clients with data
monitoring committee organisation and scientific guidance during
clinical trials.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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