Health firm swoops for in vitro regulation specialist

Lateral flow research and manufacturing firm Abingdon Health has acquired IVDeology Holdings and its subsidiaries for a total consideration worth up to £700,000.

IVDeology, based in Kent, offers regional regulatory consultancy  to international clients, including technical file building, regulatory filing support, implementation of quality management systems and quality assurance.

York-based Abingdon said the acquisition strengthens its existing regulatory service and expertise.

The regulatory environment for in vitro diagnostics, including lateral flow tests, is going through a period of significant change with the implementation of IVDR in Europe and the creation of UKCA marking in the UK. There have also been recent changes to the classification of various categories of lateral flow products in the USA.

Abingdon Health sees opportunities supporting existing and new customers in navigating this landscape.

The acquisition will be satisfied by the issue of 5 million ordinary shares of 0.0025 pence each in Abingdon Health plcto the owners of IVDeology at an issue price of 10 pence per share, equating to £0.5m. Initial consideration shares will be subject to a 12-month lock-in agreement. An earn-out of £0.2m in additional shares will be payable subject to achieving certain revenue targets in the two financial years following acquisition.

Abingdon chief executive Chris Yates, CEO said, “The acquisition of IVDeology is in line with Abingdon’s strategy of providing our customers with all the pieces of the jigsaw required to bring products from idea to commercial success. The IVDeology team will strengthen Abingdon’s existing knowledge leadership and regulatory expertise. We look forward to working with the IVDeology team and supporting existing and new customers in navigating a regulatory environment going through a period of significant change.”

Stuart Angell, managing director of IVDeology, said, “The in vitro diagnostics sector is undergoing a significant period of regulatory change in the UK, EU and internationally. By combining our collective skills, knowledge, and expertise, we can support our customers and the wider IVD industry with the comprehensive service that this opportunity provides.”