CRO Venn Life Sciences has signed a conditional agreement to acquire the trade and certain business assets and liabilities of CRM Clinical Trials (CRM), a German-based CRO, for a total consideration of $0.8 million.
During 2014, CRM is expected to generate revenues of around $2.1 million ($1.66 million in 2013) and to contribute a profit before tax of approximately $345,000 ($276,000 in 2013).
Completion of this acquisition is conditional upon the consent of certain key clients to the transfer of their contracts with the seller. In addition, the allotment of the consideration shares will be conditional on them being admitted to trading on AIM.
The acquisition of CRM Clinical Trials expands Venn's geographical footprint across multiple sites in Europe and establishes a presence in one of Europe's most significant regions for clinical trials. CRM specializes in dermatology, pneumology, urology and sports medicine, and in addition to the German market, CRM also serves the Austrian and Italian markets.