On August 31, 2022 Scantox A/S ("Scantox" or the "Company"), the leading Nordic GLP-compliant pre-clinical contract research organization ("CRO"), headquartered in Denmark and since 2021 owned by Impilo, reported the acquisitions of Swedish Timeline Bioresearch AB in Lund ("Timeline Bioresearch") and Adlego Biomedical AB in Stockholm ("Adlego Biomedical") (Press release, Adlego Biomedical, AUG 31, 2022, View Source [SID1234618813]).
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Timeline Bioresearch and Adlego Biomedical possess leading capabilities in efficacy and explorative research services and bring highly complementary service offerings to Scantox’s stronghold in pharmacology and regulatory toxicology. Moreover, the acquisitions represent important first steps towards broadening the Company’s portfolio of services, to support its growing customer base earlier in the drug development process.
Jeanet Løgsted, CEO of Scantox, comments: "Since the successful re-establishment of Scantox as an independent Company in 2021, we have embarked on an exciting and ambitious growth journey under Impilo’s ownership. We are thrilled about the support from our loyal and growing customer base and are well positioned to continue to enjoy the solid increase in outsourcing from pharma, biotech, and medical device companies, paving the way for strong continued profitable growth. With the acquisitions of Timeline Bioresearch and Adlego Biomedical, we welcome two companies that are known for their solid expertise within the fields of efficacy models, with highly competent staff, specialized techniques, and equipment. Their portfolio of research capabilities aligns perfectly with the current and future direction of Scantox, where a constant focus on the highest scientific and technical quality, as well as ethical standards, is at the core."
With the new acquisitions, Scantox has more than 160 employees and the Company is heading towards a strong financial closure of 2022, with turnover expected to exceed DKK 150 million on FY pro-forma basis.
Lone Bruhn Madsen, CEO of Timeline Bioresearch: "We are on a very positive track and by joining Scantox, current and new customers will benefit from a more integrated service offering, which will eventually streamline the progress of products through the research phase and pre-clinical development. We are indeed looking forward to leveraging the synergies across Scantox to deliver the best customized solutions to the market."
Urban Höglund, CEO of Adlego Biomedical: "We have successfully been serving mainly Swedish drug development companies with in-vivo evaluations of new products for more than a decade. It is now time to let our services reach other markets, and I believe that the partnership with Scantox will be beneficial in this respect. I also believe that it will be of great value to my staff to be part of a larger organization for mutual development of services."
As of 1 September 2022, the companies will be integrated and operate under the Scantox name.
Nicholas Hooge, Partner at Impilo and Head of its Danish operations, concludes: "Scantox is experiencing a fantastic momentum following the successful transition into an independent company in 2021, and the underlying growth fundamentals remain strong. These two acquisitions are important first steps in the execution of the Company’s long-term growth strategy, where inorganic expansion is at the core. Impilo is excited about the future consolidation potential in the sector and looks forward to continue working with Scantox to further expand its portfolio of services and to strengthen its position globally."