EiRx buys stake in Auvation
The company said it has bought a 56% stake in Scottish biotechnology firm Auvation. The company develops ways to diagnose and treat cancer.
EiRx said in the year to end August 2003, Auvation had profits of E114,003 and assets of E121,214. All the company’s revenues have been reinvested in development of its technology, workforce and facilities, it added.
“The combined group will be able to draw upon a knowledge base in cancer therapeutics, a staff including 13 PhD scientists, a solid commercial base, with contract customers and technology licensing partners,” EiRx said.
It is paying E2.1 million for the stake through the issue of 25.2 million of its shares.
Ian Hayes, chief executive of EiRx, said: “The EiRx management team has had considerable contact with Auvation over the past few months. he logic of this acquisition became clear, as the two companies developed a productive working relationship. The management, science and capabilities of Auvation provide an excellent counterpoint to those of EiRx, particularly when considering EiRx’s longer-term objective, which is to develop cancer drugs.”
“Ivery much look forward to our future together,” he added. EiRx will now move to buy-out the remaining shares in Auvation.
Shares in EiRx, based at Cork Airport Business Park, closed up nearly 2% at 6.25p.
