NEW YORK (GenomeWeb News) – Advion BioSciences today announced that it has signed a definitive agreement to sell its BioServices division to Quintiles Transnational for an undisclosed amount of cash.
Advion BioServices is a bioanalytical lab offering pharmacokinetic/pharmacodynamics testing and other services. The sale will allow Advion to focus on its core systems and consumables business.
"We are in the final phases of launching our compact mass spectrometer, the expression CMS," David Patteson, Advion's CEO and president, said in a statement. "We have other new products destined to be released by next spring ... This latest progression of our business places Advion in a very strong financial position to exercise the next steps in achieving our vision."
Quintiles, a clinical research organization and consulting services firm based in Research Triangle Park, NC, said the business would be called Advion Bioanalytical Labs after it joins the firm.
"Adding a premier bioanalytical offering to our existing CAP-accredited central labs network creates a one-source solution for lab testing across the development spectrum, anywhere in the world," Thomas Wollman, SVP of Quintiles Global Laboratories, said. "We now can offer customers world-class PK/PD testing, molecular screening, drug discovery and metabolism, biomarker discovery, and immunoassay services to inform decision-making early on, helping reduce the risk of failure in expensive later-stage trials."
The firms expect to complete the deal next month.