Cyprotex expands cosmetics testing offer with CeeTox deal
LONDON (Reuters) - British drugs testing company Cyprotex (CN8.L) said on Thursday it had bought rival CeeTox from North American Science Associates Inc to expand its offer to the cosmetic and personal care industry.
Cyprotex said it would pay an initial 630,000 pounds for Kalamazoo, Michigan-based CeeTox, plus a further 5 percent payable on specified sales in the next four years to a maximum 3.1 million pounds.
Cyprotex Chief Executive Anthony Baxter said the deal would help the company grow revenues significantly, principally by offering more services to the cosmetics and personal care industry, already an expanding customer segment.
Analysts at N+1 Singer said: "The acquisition of CeeTox represents a positive step for Cyprotex as it begins to implement its more assertive strategy for expansion in the toxicology testing area."
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