Richardson's Venn Life Sciences eyes Eastern Europe after buyout
Irish clinical-research business Venn Life Sciences is eyeing up acquisitions in Eastern Europe after agreeing to buy a Dutch business for up to €6.5m.
CEO Tony Richardson, formerly boss of pharmaceutical company Alltracel which was sold for £20.8m in 2008, said the AIM-listed Venn has "talked a lot as a company about getting full European coverage.
"At the moment, our locations are all pretty much in Western Europe, so we're looking at Central and Eastern Europe, trying to get some footprint and capability out there and we've had a couple of discussions. They're fairly early-stage, though.
"We're looking at one or two other opportunities, nothing hugely developed at the moment."
Richardson said Venn's priority after the acquisition of the Dutch business, Kinesis, is to grow by cross-selling the different services within its business.
"Combined, we've got a really good client pool to go back to now, with a more complete service offering.
"We do clinical trials management in what we call phases two to four.
"In summary, that's where you're giving a drug or medication to patients or people who have a particular condition, with a view to hopefully having a submission to a regulator at the end of that process.
"Kinesis do everything up to that stage, so if you're a biotech company they would help you to formulate and optimise your compound," he said.
He said the company's plan is to continue to grow its business on AIM.
Sunday Indo Business