RUA Life Sciences acquires French implantable devices business
RUA Life Sciences
11.50p
16:55 07/11/24
Medical devices business RUA Life Sciences has acquired implantable devices manufacturer Analytic Biosurgical Solutions for €80,000 in cash from the French liquidator of IPSA SAS, the former parent company of Abiss.
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RUA said on Monday that the acquisition would be funded from the company's existing cash resources and would be paid in full upon completion.
The AIM-listed group stated the complementary acquisition was in line with its strategy to grow and expand its contract manufacturing business and leverages its "strong customer relationships and reputation for quality".
"It alone is expected to secure the group's medium-term growth targets and, together with the project announced on 24 July, which the group hopes to convert into a longer-term supply contract, positions the group well to further accelerate this position," said RUA. "The acquisition price was set through an auction process with other interested parties not having RUA's unique position as a buyer with a strong relationship with a major customer."
As of 1040 BST, RUA shares were up 5.63% at 11.25p.
Reporting by Iain Gilbert at Sharecast.com