Avacta completes third deal in a month
YORKSHIRE science company Avacta Group today completed its third deal in less than a month by acquiring a veterinary testing business.
Avacta has bought fellow York-based company YorkTest Veterinary Services in a deal worth £825,000.
Avacta is a University of Leeds spin-out business which helps biopharmaceutical developers and manufacturers get their products to market quicker.
Last month it paid £6.81m for Curidium Medica and £2.05m for Theragenetics, which both operate in the field of personalised medicine for central nervous system disorders such as schizophrenia and depression.
YorkTest Veterinary Services (YTVS) provides a complete allergy testing service to veterinary practices in the UK, EU and worldwide.
Its technology enables the analysis of blood samples from dogs, cats and horses to assist in the diagnosis and treatment of adverse reactions to foods, pollens, insects and moulds.
Founded in 1999, YTVS, which operating profits of £171,000 on revenues of £1.038m in the year to December 31, provides its services to around 55% of UK veterinary clinics and has distributors and partners in the EU, Middle East and Far East.
Avacta has been working with YTVS to develop a new veterinary diagnostics technology, MIDAS, which it expects to launch later this year.
Avacta said that the lower regulatory hurdles associated with the veterinary market allows for “near term opportunities in this market”.
Alastair Smith, chief executive of Avacta, said: “The development of veterinary diagnostic products and services is a key theme in Avacta’s growth strategy and YTVS provides the group with a well established and well respected route to market as well as a very experienced management team with in-depth knowledge of the veterinary market requirements worldwide.
“We are committed to maintaining the current business of YTVS and its very high level of quality and customer satisfaction and to adding to their product range with new and innovative products and services delivered by Avacta.”
Janice Hogg, managing director of YTVS, added: “The company has grown from a small start-up to become the leading specialist veterinary allergy laboratory in the UK. I am very proud of our reputation and this will be further enhanced by becoming part of the prestigious Avacta group. This means that not only will we continue to deliver the most comprehensive support programme to our veterinary customers worldwide but also increase our portfolio with innovative services that will ensure animals achieve better health.”
Avacta was founded by colleagues Professor Alastair Smith, one of the leading biophysicists in the UK, Simon Webster and Kurt Baldwin, two experienced molecular physicists and technology developers in 2004
The diagnostics specialist was listed on AIM in August 2006 via a reverse takeover of Readybuy, which was renamed Avacta Group.
The group comprises Avacta Analytical, its contract research services division, and Avacta, an innovative technology developer.
