- Cello Group has raised £15.0m, gross, through a placing of 15,463,919 new ordinary shares at £0.97 and will use part of the proceeds to acquire the assets of Defined Health which comprises Defined Healthcare Research and Cancer Progress.

Defined Health delivers scientific strategic advisory services to a wide range of US, European and global biotech and healthcare clients.

The proposed initial consideration for the acquisition is US$5.75m, of which US$5.25m is payable in cash, with the balance satisfied by the issue of 398,904 new ordinary share.

Further cash consideration will be paid to the vendors of the acquisition on a dollar for dollar basis to the extent that the acquired net current assets of Defined Health are over US$0.75m at the date of completion, being 31 January.

In addition, deferred consideration of up to US$3.25m will be payable dependent on performance over the period from today (1 February) to 31 December 2019.

These further payments will be in a mixture of cash and new ordinary shares, with a minimum overall cash consideration of 73%.

At 8:03am: [LON:CLL] Cello Group PLC share price was +1p at 97.5p

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