Eurofins signed a definitive agreement with individual shareholders of Advinus Therapeutics and Tata Sons, Tata Industries, and Rallis India.
Advinus is a preclinical CRO providing safety assessment, CMC, DMPK, and analytical research and development services. The company operates a 20,000 sq meter facility in Bangalore, India.
The transaction, terms of which have not been disclosed, is expected to close in the next several weeks.
“Advinus has substantial capabilities that are in synergy with Eurofins and provide us with additional opportunities to grow the company,” Rajiv Malik, Advinus CEO, commented in the press release.
The acquisition follows an announcement that Eurofins successfully raised €650m ($759.17m) in its most recent senior unsecured Euro bond public issuance.
The proceeds will be used for general corporate purposes, including debt refinancing, as well as to fund “any further growth opportunity in-line with the Group’s strategy and objectives,” according to the company.
Dr. Gilles Martin, Eurofins CEO commented in the release that the bond strengthens the company’s ability “to respond swiftly to compelling opportunities” – following good market conditions and strong M&A activity this year, he added.
As previously reported, Eurofins also acquired the drug ingredient manufacturing and testing services firm Alphora Research in June. The deal adds two facilities to Eurofin’s network of drug testing laboratories.
Eurofins did not respond to a request for comment.