Hungarian contract research organisation (CRO) CiToxLAB Group has signed an agreement to acquire another Hungary-based CRO named Solvo Biotechnology.
The target company has sites in Budapest and Szeged and a workforce of 100. It specialises in drug transporter studies and assessment of drug-drug interactions (DDI).
The acquisition will strengthen Citoxlab’s business in the non-clinical CRO field.
The merger of the two companies will result in the establishment of an integrated oncology biotechnology company named Oncology Venture.
The shareholders of OV will get 1.8524 shares of MPI for each share in OV.
MPI is a biotechnology company, while OV is a biopharmaceutical company focused on oncology.
Both companies involved in the merger are based in Denmark.
Contract development and manufacturing organisation Ardena Holding NV (Ardena) has acquired ChemConnection BV.
Both companies involved in the transaction are based in the Netherlands.
The acquisition will enable the acquirer company to set-up an integrated drug development company.
Flying Brands paid $68,000 in cash and 11 million ordinary shares of the company at €0.04 ($0.04) a share. The company initially paid 4.8 million shares to the shareholders of IB, while the remaining 6.2 million will be issued before September 2018.
Based in the UK, the acquirer company is a medical services and software company, while the target company is a US-based developer of software applications for the healthcare industry.
Flying Brands appointed Peterhouse Corporate Finance Limited as the financial advisor for the transaction.