Q-One Biotech in exclusive acquisition talks with BioReliance
Consolidation in biotech ripples out to the services sector with privately-held, Glasgow-based Q-One Biotech on the verge of being taken over by Maryland’s BioReliance Corp. BioReliance has applied for UK regulatory approval for the proposed deal.
If approved, the deal could be worth about £15 million (US$ 24m) making Q-One’s three founders millionaires, although terms have not been disclosed. The transaction would involve BioReliance paying cash for Q-One’s outstanding shares.
Both parties have agreed in principle on the major terms of the proposed transaction, including the pricing mechanism, and Q-One Biotech and its main shareholders have agreed to deal exclusively with BioReliance.
BioReliance, which has a site in Stirling, Scotland reported revenues of about US$82.4 million for the year ended December 31, 2002. Q-One Biotech reported revenues of about £14.8 million (about US$24.0 million) for the fiscal year ended March 31, 2002.
Keywords : BioReliance US Q-One Biotech UK Biomanufacturing CRO Biosafety testing M&A Acquisition Negotiations Exclusive Cash transaction proposed
