Cyprotex acquires CeeTox
Cyprotex, a specialist ADME-Tox CRO, has acquired CeeTox, a division of North American Science Associates. CeeTox, based in Kalamazoo, Mich., is a CRO specializing in the provision of in vitro toxicological assays and screening data, principally to the Cosmetic and Personal Care Industries. Founded in 2003, CeeTox was acquired in 2005 by NAMSA, a medical research organization supplying expert consulting, clinical and laboratory services to medical device, IVD and biologics manufacturers. NAMSA retains a license for applying CeeTox’s in vitro toxicology experience to medical device testing.
CeeTox had sales of approximately $3.8 million for the year ended September 2013 and an operating loss of approximately $1.5 million. The initial consideration for the purchase of $1 million is funded by internal cash resources, with a further consideration of 5% payable on specified net sales achieved in the next four years to a maximum of $5.1 million. The purchase is made by the group’s U.S. trading subsidiary, Apredica.
Cyprotex will continue to operate the CeeTox business from its Kalamazoo location prior to relocation to Cyprotex’s U.S. base in Watertown, Mass.