European CRO Venn Life Sciences has acquired Medevol, a CRO based in Northern Ireland, for a total maximum consideration of $1.1 million.

Venn has acquired the entire issued share capital of Medevol for an initial cash consideration of $1.15 million. There will be additional deferred consideration payable of up to a maximum of $1 million over the next two years should Medevol hit certain financial targets relating to the business’s annualized profit before tax.  Any additional consideration will be satisfied as to one half in cash and one half in Venn shares.

The acquisition of Belfast-based Medevol further strengthens Venn’s U.K. operations following the establishment of a U.K. office earlier in 2013.

Tony Richardson, CEO of Venn, said, “Medevol is the right fit for Venn, as we continue to expand our business across Europe and increase our project pipeline. Venn, Medevol and the CRM business (acquired from CRM Clinical Trials) have a shared global pharmaceutical client, and this acquisition affords us the opportunity to develop that relationship as a key strategic account for the group going forward.”