Medical Solutions buys Geneservice:
This article was originally published in Clinica
Diagnostics company Medical Solutions has conditionally agreed to acquire Geneservice, a fellow UK company specialising in genomic products for life science and clinical R&D applications. The firm will pay £3.86m ($7.7m) in cash and loan notes for Cambridge-based Geneservice, which grew 35% over the last year to record a revenue of £2.4m for fiscal 2007. The acquisition will enable Medical Solutions to expand its offerings to include DNA and RNA-based services, such as providing genetic variation and mutation detection testing services for inherited and acquired medical conditions. Medical Solutions, which currently targets the healthcare and biotech markets, will also gain access to new customers within academic and research institutions. The company expects to realise cost savings from the relocation of some or all of Geneservice's operations from Cambridge to Nottingham (where Medical Solutions is based); consolidation of the two firms' support functions; and workforce restructuring.