25 May 2012

Cyprotex eyes more US acquisitions

23/03/2011 Robert Tyerman

Contract drug researcher Cyprotex (CRX) is looking for more US takeovers after annual pre-tax profits fell 56 per cent to £201,340. The Macclesfield-based company, a world leader in its field specialising in pre-clinical absorption, distribution, metabolism and excretion (ADME) assessments of new drug candidates, increased turnover 18.4 per cent to £5.9 million last year and lifted net profits 34 per cent to £617,000 after a £415,300 tax credit.

In August, AIM-quoted Cyprotex, steered by chief executive officer Dr. Anthony Baxter and chaired by Steve Harris, made a 'transformational' move into toxicology and the key US market by buying Boston-based Apredica for £2.7 million in shares and cash. Apredica was making an acquisition of its own at the time and the deal has doubled Cyprotex's product portfolio and allowed it to make a credible entry into the in vitro toxicology market.

Cyprotex does most of its business outside the sluggish UK market and argues the tough competitive climate, caused by recession and regulatory changes, could work in its favour by putting a premium on ADME, which can weed out likely failures before they enter the costly later phases of clinical development. The company, which ended 2010 with halved cash of £1 million, is on the look-out for further takeovers, particularly in West coast USA and central Europe.

Floated on AIM at 29p in 2002 and highlighted by Growth Company Investor at a depressed 3.63p a year ago, Cyprotex shares have now reached 5.25p. Hold on.

Tags: AIM market, Apredica, Drug research, Toxicology, US acquisitions

Sector: Pharmaceuticals & Biotechnology

Companies: Cyprotex

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