August 31, 2007
Vita Nova Ventures AB takes over SEDOC Pharmaceutical Medicine AB. SEDOC is a Contract Research Organisation, CRO. The company plans and carries out clinical trials for Swedish and international pharmaceutical, biotechnical and medico-technical companies. The purchase price consists of a cash payment and 110 million Vita Nova Ventures shares. SEDOC will be incorporated into Vita Nova Ventures’ subsidiary A+ Science AB.
Vita Nova Ventures’ division for Clinical Research now includes A+ Science AB, SEDOC Pharmaceutical Medicine AB and Northern Clinical Research Institute AB with a total annual turnover of approx. SEK 120 M. The division, with approx. 80 employees, will operate under the name A+ Science and have offices in Gothenburg, Stockholm, Lund and Umeå.
SEDOC’s focus on a larger number of smaller clients in phases I and II complements A+ Science’s focus on larger international clients with studies in phases III/IV well.
“We view this acquisition as a natural extension of our clinical research operations. The merger will result in positive synergetic effects and in my opinion, it is necessary to increase the size of our operations if we are to attract new projects on the international market”, says Göran Wessman, CEO, Vita Nova Ventures.
“During the 12 years since SEDOC was founded the company has sustained a high level of growth and profitability. We see considerable advantages in being part of a larger organisation which is able to provide us with the resources to meet international demands and to motivate necessary investments as well as enabling us to reach new client groups. In addition, it gives our staff the opportunity to develop their competence in a larger organisation”, says SEDOC’s MD Pirkko Sulila Tamsen who will join the management team at A+ Science AB.
100 million of the Vita Nova Ventures shares included in the purchase price have been issued as new shares. The decision was made by the board of Vita Nova Ventures with the support of the Shareholders meeting which authorized the transaction.
An earlier press release on the acquisition was issued on the 8th August, 2007.
Gothenburg 31st August, 2007
Vita Nova Ventures AB (plc)
For further information:
Göran Wessman, CEO, Vita Nova Ventures AB and A+ Science AB, +46 708-16 14 50
Ulrika Stenson, Information Manager, Vita Nova Ventures AB, +46 70-590 07 23
Pirkko Sulila Tamsen, MD, SEDOC, +46 705-35 34 47 www.sedocpm.se
Vita Nova Ventures is a company specializing in investments in life science operations. The company is quoted on Aktietorget. SEDOC is the second acquisition within clinical research this year. Through the acquisition Vita Nova Ventures and A+Science will be strong players in the consolidation of the CRO industry which is characterized by a few global actors and a number of smaller niche oriented localised companies. Vita Nova Ventures also has a number of development projects in progress within the life science area.
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