Durham’s BioAgilytix Labs to buy Australian CRO

Durham's BioAgilytix Labs to buy Australian CRO


DURHAM – BioAgilytix Labs is acquiring an Australian-based contract research organization (CRO) as the company seeks to expand its global footprint, it announced Monday

The company, which is investing some $61.5 million in its global headquarters location in the Durham and is expanding its workforce in the Triangle, is acquiring 360biolabs.

“This planned acquisition is part of our strategic growth strategy to expand our capacity, expertise and agility to serve customers across all geographies, and we look forward to welcoming the 360biolabs team and integrating the business,” said Jim Datin, CEO of BioAgilytix.

The company noted that a definitive agreement to purchase has been signed by the two companies and that the acquisition will add capacity for BioAgilytix and expand into “a jurisdiction of choice to commence first-in-human trials (FIH) and early-phase clinical trials.”

Life science firm BioAgilytix is adding 878 jobs in Durham, investing $61.5M

360biolabs is based in Melbourne, Victoria, and according to the company’s statement “offers world-class virology and immunology expertise, with BSL 2 and 3 laboratories, biomarker and immune monitoring capabilities with a state-of-the-art flow cytometry suite, molecular biology PCR suite and expansive bioanalytical LC-MS/MS small molecule capabilities.”

The acquisition will be subject to Australian Foreign Investment Review Board requirements, and pending approval, could close in the third quarter of 2021, the company shared in the statement.  The Burnet Institute is a cofounder and a majority shareholder of 360biolabs®.

BioAgilytix announced an expansion of the company’s global headquarters, based in Research Triangle Park, in October 2020, and plans to add as many as 878 employees while investing $61.5 million.  As a part of that expansion, the company could receive up to $18 million in incentives through a North Carolina Job Development Investment Grant, if job targets are met.

BioAgilytix was founded in 2008 by Afshin Safavi, a biochemist and serial entrepreneur.  The company was acquired in 2018 by two private equity firms, Belgium-based Cobepa and London-based GHO Capital, which was established by Dennis Gillings, the former Quintiles founder and chair.

Belgian investment company acquires Durham biotesting firm BioAgilytix

BioAgilytix acquired Cambridge Biomedical, based in the Boston area, in 2019, which at the time was reported to grow the company to some 400 employees.  At the time, WRAL TechWire reported that the company had experienced more than 200 percent revenue growth and had been named to the Inc. 5000 list for the sixth time.

Financial terms of the deal were not disclosed.





Source link

About the Author

Anthony Barnett
Anthony is the author of the Science & Technology section of ANH.