Dundee-based CXR Biosciences Ltd has been bought by a major British life sciences, scientific laboratory and consultancy group.
Concept Life Sciences was attracted to the Dundee company for its market-leading reputation in investigative and exploratory toxicology.
CXR Biosciences has been sold by its shareholders including Archangel Investors and the Scottish Investment Bank for an undisclosed sum.
The company will keep its name, and its 33 staff and management will operate in the Concept Life Sciences’ group. Chief executive Paul Smith will continue to head the business in Dundee.
Experts at CXR’s laboratories in the Dundee Technopole help international life sciences firms resolve issues with the safety of compounds by the selection of drug and chemical candidates.
It was founded in 2001 as a spin-out from Dundee University with funding led by Archangels, the Edinburgh-based early stage investing business angel syndicate.
Paul Smith said: “We see this as a natural next step in our company’s development. Concept is a dynamic group with ambitious international growth plans.
“CXR Biosciences enjoys a market-leading position. By being part of the Concept Group we will be able to continue to build on that success whilst benefiting from being part of the Concept discovery platform.”
Concept executive chairman Michael Fort said his group had ambitious plans to build a comprehensive suite of niche, high-value, problem-solving services for life science customers.
“With the addition of market-leading organisations such as CXR, we are more than achieving those plans,” he said.
The group, which employs more than 600 staff at 11 locations throughout the UK, hopes to conclude more acquisitions in the UK and Europe this year.
Concept is supported by the leading European private equity group Equistone Partners Europe from a€1.5 billion fund.
Niki McKenzie, investment executive at Archangels, said: “This is a good deal for staff, for shareholders and for Scotland. CXR Biosciences is an excellent business and will benefit from being part of a larger life sciences group while retaining its base in Dundee.”
The syndicate invests around£10 million per year in early stage Scottish companies.
Kerry Sharp, head of the Scottish Investment Bank, said it was another positive step for Scottish Enterprise in developing globally competitive Scottish businesses.