Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Cyprotex in £2.7m US takeover
Contract research concern Cyprotex is to buy Boston-based counterpart Apredica in a £2.68 million shares and cash deal.
Macclesfield-based Cyprotex, which specialises in pre-clinical absorption, distribution, metabolism and excretion (ADME) assessments of drug candidates, has agreed to issue 44.7 million shares and to pay £1 million cash for Apredica, a specialist in ADME and toxicology assessment.
Apredica brings with it intellectual property and other assets lately acquired from fellow US concern Cellumen relating to cellular systems biology and high content toxicology services previously offered by that company. The deal, which brings together two market leaders in 'ADME Tox' (ADMET), will see Apredica's two co-founders, Dr. Katya Tsaioun and Douglas Bates, join the enlarged group as chief scientific officer and chief marketing officer respectively, under Cyprotex's chief executive officer Dr. Anthony Baxter.
Floated on AIM eight years ago at 29p, Cyprotex shares have been dire performers until recently, falling at one point to a mere 2p. They have lately shown signs of life, rising form 3.63p, where Growth Company Investor highlighted them in March, to 4p now, valuing the company at £7.2 million.
Hold on.
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