StockMarketWire.com - Cello Health said it had acquired Innovative Science Solutions for up to $10.5m.

Under the terms of the deal, Cello paid an initial consideration of $6.4m in cash and agreed to pay a deferred consideration of up to $4.1m in four tranches, each dependent on the financial performance of Science Solutions over the periods from 1 August 2019 to 31 July 2024. This deferred consideration would be paid in a minimum of 80% cash, with the balance to be satisfied through the issue of new ordinary shares in Cello. For the year to 31 December 2018, ISS had an unaudited revenue of $5.0m, net revenue of $4.5m, unadjusted profit before tax of $2.8m and adjusted operating profit of $1.8m. 'The acquisition of ISS reflects Cello's strategy of expanding further in the US and adds a key incremental component to Cello's offering of technical services along critical drug development pathways. It is anticipated that there will be strong mutual client opportunity over time,' the company said.





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