Venn Life Sciences acquires French CRO Cardinal Systems
Venn Life Sciences, a growing CRO providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, has acquired Cardinal Systems, a France-based CRO specializing in data management and randomization systems.
Venn has subscribed for $267,900 of new ordinary shares in Cardinal and has purchased existing shares in Cardinal for $365,400. 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 Sept. 30, Venn will subscribe cash for a further $267,900 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 Sept. 30, 2015.