Tue, 07 May 2024 | BUSINESS SALE
Abingdon Health, a listed diagnostic test manufacturer based in York, has acquired IVDeology Holdings, a regulatory consultancy supporting the in vitro diagnostics sector. Abingdon Health has acquired the company for a total consideration of up to £700,000.
IVDeology is based in Maidstone and provides regulatory services supporting IVDR (the In Vitro Medical Devices Regulation (EU) 2017/746) for the EU market, UKCA (UK-Conformity Assessed)-marking for the UK market, and FDA support for the US market.
The company serves an international customer base and provides regulatory services including filing support, quality management system implementation, technical file build and quality assurance.
Abingdon Health plc will fund the acquisition by issuing five million ordinary shares to IVDeology’s owners at an issue price of 10 pence per share, equating to £500,000. An earn-out of £200,000 will be payable subject to the business achieving certain revenue targets in the two financial years post-acquisition.
In the year ending January 31 2024, IVDeology generated combined turnover of £392,000 across its three entities, recording a combined pre-tax loss of £30,000. Following the sale, the company will continue to be led by co-founders Stuart Angell and Nancy Consterdine (pictured above) as part of the wider Abingdon Health group.
Chris Yates, chief executive at Abingdon Health, 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, co-founder and Managing Director at IVDeology, added: "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."
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