August 08, 2007
Vita Nova Ventures AB has signed a Letter of Intent for the acquisition of all of the shares in SEDOC Pharmaceutical Medicine AB. SEDOC AB is at present owned by Arandi Development AB. Final negotiations and finalisation of the contract are in progress. If the deal is completed Vita Nova Ventures will take possession on the 31st August 2007. The purchase price will be paid partly in cash and partly in Vita Nova Ventures shares.
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. SEDOC had a turnover of 35 million Swedish Crowns in the financial year 2005/06 and reported a result of 3.5 million Swedish Crowns before taxes. The company has 23 employees and offices in Stockholm and Lund.
Göran Wessman, CEO of Vita Nova Ventures:
“We view this acquisition as a natural extension of our existing operations in A+ Science AB. Our intention is to merge the companies, which will result in positive synergetic effects. In my opinion, it is necessary to increase the size of our operations if we are to attract new projects on the international market. 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.”
Pirkko Sulila Tamsen, CEO of SEDOC:
“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.”
Gothenburg 8th August, 2007
Vita Nova Ventures AB (plc)
For further information:
Göran Wessman, CEO, Vita Nova Ventures AB, 0708-16 14 50
Pirkko Sulila Tamsen, Managing Director, SEDOC PM AB, 0705-33 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 will be the second acquisition within clinical research by Vita Nova Ventures. Through the acquisition A+Science will continue to be a strong player in the consolidation of the CRO industry which is characterized by a few global actors and a number of smaller niche oriented localised companies.
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