Applied Analytical Industries Makes Euro Acquisition
Applied Analytical Industries of the USA has exercised its option toacquire LAB of Germany, a leading contract research and development organization. The transaction was consummated through the use of cash and assumption of LAB's existing debt. The aggregate acquisition price was around $18 million.
Based in Neu-Ulm, Germany, LAB is recognized as a leading provider of high-quality development services supporting pharmaceutical and biotechnology companies, according to AAI. The firm has operations in Germany, France, the UK and Hungary with estimated 1996 sales of $18 million.
AAI anticipates taking a one-time charge related to the transaction and expects the acquisition of LAB to be modestly accretive to its 1997 earnings. The amount of the charge has not yet been determined.
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