Cyprotex to expand cosmetics testing with US deal
CYPROTEX, the drug analysis specialist, is paying around £650,000 for CeeTox which carries out toxicology tests on cosmetics and other personal care products.
The US-based business is being acquired from North American Science Associates by Macclesfield-based Cyprotex’s US subsidiary Apredica.
CeeTox, based in Michigan, was presented with a ‘humane corporate progress’ award by the Humane Society of the United States this year for developing new ways of testing the safety of chemicals and drugs without the use of animals.
The business has sales of around £2.3m in the year to the end of September and made an operating loss of £900,000. Cyprotex, which is paying the for CeeTox from cash reserves, said the deal will be earnings neutral in the first year.
Chief executive Dr Anthony Baxter said: “The acquisition of CeeTox and its world-respected in vitro toxicology assays affords Cyprotex the opportunity to grow revenues significantly. Principally, it enables the company to offer a more complete assay and screening service to the cosmetics and personal care industry, already an expanding customer segment, and will materially extend the company’s footprint in its established core pharmaceutical and agrochemical industry markets.”
CeeTox’s chief executive Tim Mitchell said: “The combination of our two businesses represents an outstanding opportunity to leverage our capabilities and capitalise on the enormous market potential across a variety of industries that require in vitro toxicity screening services.”
