CHICAGO--(BUSINESS WIRE)--Aug. 8, 2006--Celsis International plc, a Chicago-based life science products and services company, today announced the acquisition of In Vitro Technologies, Inc. (IVT) for $30 million in cash and an earn-out consideration capped at $5 million. The acquisition of IVT adds a world-class suite of products and services for the in vitro ADME toxicology market to the Celsis portfolio.
Based in Baltimore, Maryland, IVT supplies products and services to improve the drug discovery and development process. IVT's product portfolio includes proprietary ADME-Tox products including fresh and cyropreserved cells and enzymes. An estimated 50 percent of drug candidates fail in clinical trials due to unanticipated pharmacokinetic and toxicology issues. The use of IVT's broad range of tools has resulted in the selection of optimum candidates for the clinical trial stage.
The integration of IVT into Celsis creates significant value for customers of both companies through the combination of complementary products and services and through the expertise of the collective employee base of seasoned scientists and client support specialists.
"With the acquisition of In Vitro Technologies Inc., Celsis has expanded its business through an improved product and services portfolio and created clear cross-selling opportunities which we expect to deliver material growth in the coming years," said Jay LeCoque, CEO of Celsis International plc. "Celsis is well positioned to continue its track record of strong growth both organically and by acquisition."
"We could not have hoped for a better strategic partner than Celsis," said Paul Silber, Ph.D, founder of IVT. "The synergy created by joining forces will create a strong team with great potential for future growth. This new combination will provide our respective customers with great value through a significantly expanded product and service offering. I very much look forward to working with the team at Celsis."
Celsis International plc
Celsis International plc provides value enhancing products and services to the pharmaceutical, biopharmaceutical, personal care and beverage industries through its three business areas; rapid detection systems, analytical services and in vitro technologies. The company is listed on the London Stock Exchange (CEL.L).
More information can be found at www.celsis.com.
for Celsis International plc
Murad Sabzali, 630-400-3042
Source: Celsis International plc
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