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NextGen, Coveting North American Market, Buys Proteomic Research Services for Up to $1.7M

NEW YORK (GenomeWeb News) — UK proteomics shop NextGen Group has acquired protein identification-services company Proteomic Research Services for as much as $1.7 million in cash and stock, NextGen said today.
 
NextGen, eager to get a foothold in the US market, said it has acquired all of Ann Arbor, Mich-based PRS’ share capital for an initial payment of $498,000 and as much as $1.2 million more that will depend on PRS’ revenue over the next three years.
 
NextGen offers services and equipment for protein studies and drug development. CEO James Heffernan said in a statement that “establishing a base in North America … has been pivotal to our strategy from the outset … and we anticipate that the [NextGen] will benefit significantly from this strategic acquisition.”
 
He added that leadership at PRS, including President Mike Pisano, will remain at the company. Other personnel changes were not disclosed.
 
NextGen said PRS had revenue of $1.2 million and a net loss of $273,000 in 2005. NextGen has several agreements in place and others planned in which PRS’ service and products have been “key,” Heffernan said.
 
The two companies signed a commercial alliance in early 2006 and NextGen said this acquisition will consolidate that sales, support, and service base in North America.
 
To get enough cash to cover the acquisition and associated costs, NextGen said it has placed 90 million ordinary shares through Ellis Stockbrokers at 7 British pence ($.13) per share.

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