Commonwealth Biotechnologies, Inc. Completes Acquisition of Tripos Discovery Research Ltd.
Published: Jun 06, 2007
RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc (CBI), (NASDAQ: CBTE) today announced that it has completed the acquisition of all of the outstanding capital stock of Tripos Discovery Research Limited, an English limited company (“TDR”). TDR is a world leader in medicinal and combinatorial chemistry and provides products and services that are complementary to CBI’s existing offerings in biologics and custom peptides. The TDR acquisition provides CBI with a strategic production and sales and marketing site in the United Kingdom and is designed to accelerate the CBI’s revenue and earnings growth. On a pro-forma basis, the acquisition of TDR represents an increase in CBI’s 2006 revenues to $16.4 million and upon closing increases CBI’s cash position to $5.36 million.