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Immunoprecise Antibodies completes ModiQuest Research acquisition

Last updated: 06:07 07 Apr 2018 AEST, First published: 01:07 07 Apr 2018 AEST

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The group is now an integrated antibody solutions company, it said

Immunoprecise Antibodies Ltd (CVE:IPA) said it had completed its acquisition of ModiQuest Research BV and sister entity, Immulease BV for €7 million (C$11.2mln).

Immulease is a holding company owning research equipment used in ModiQuest's operations.

It means, says Immunoprecise, the group is now an integrated antibody solutions company focused on the next generation of technology behind therapeutic antibody discovery.

Benefits include anticipated accretive annualized revenues of between C$3.5mln and C$4.5mln in fiscal 2019.

Founded in 2004, ModiQuest specialises in the generation of monoclonal antibodies against difficult target antigens for research & development, diagnostic and therapeutic applications.

Besides antibody lead generation, ModiQuest also provides extensive antibody development and optimisation procedures, such as affinity maturation, humanization, stable cell line generation and antibody production in transient and stable mammalian cell systems.

"Our acquisition of ModiQuest confirms our commitment to excellence as a CRO focused on the next generation of antibody discovery, said Jennifer Bath, chief executive at Immunoprecise.

"Utilizing our teams' extensive experience, combined with ModiQuest's proprietary technologies, will further reduce timelines and enhance our unique capability to generate therapeutic antibodies with the highest probability of clinical success, as Immunoprecise continues to bring all related, core activities within one company.

"The acquisition is immediately accretive and will have a positive impact on consolidated revenues and earnings in the near future."

Alongside the closing the transaction, Immunoprecise completed its previously announced debenture financing of $4,002,000.

The debentures are unsecured, bear interest at a rate of 10% a year, payable semi-annually, and be due 18 months from the date of issue.