Celsis International has acquired In Vitro Technologies, Inc. for $30 million in cash and an earn-out consideration capped at $5 million. The acquisition of IVT adds a suite of products and services for the in vitro ADME toxicology market to the Celsis portfolio.
Based in Baltimore, MD, IVT supplies products and services to improve the drug discovery and development process. IVT's product portfolio includes proprietary ADME-Tox products including fresh and cyropreserved cells and enzymes. The use of IVT's broad range of tools has resulted in the selection of optimum candidates for the clinical trial stage.
"With the acquisition of IVT, Celsis has expanded its business through an improved product and services portfolio and created clear cross-selling opportunities which we expect to deliver material growth in the coming years," said Jay LeCoque, chief executive officer of Celsis. "Celsis is well positioned to continue its track record of strong growth both organically and by acquisition."
"We could not have hoped for a better strategic partner than Celsis," said Paul Silber, Ph.D., founder of IVT. "The synergy created by joining forces will create a strong team with great potential for future growth. This new combination will provide our respective customers with great value through a significantly expanded product and service offering. I look forward to working with the team at Celsis."