Inverclyde Biologicals sold to Source BioScience plc

Source BioScience plc (LSE: SBS), the listed international diagnostic and genetic analysis services business, has acquired Inverclyde Biologicals, in a deal advised by Initium.

Based in Motherwell, Inverclyde Biologicals is a market-leading manufacturer of high-quality diagnostic kits and blood group serology reagents. The business built a specialism and reputation for manufacturing superior quality products, supplying a large percentage of the UK market. Its robust and long-term customer base included NHS Blood and Transplant and multiple NHS Trusts.

“We wanted an advisor who could sell a scientific business such as ours, and who had a good track record of selling niche businesses” – Hugh Bailey, Inverclyde Biologicals

The deal saw the creation of new cross-selling opportunities, an extended customer base and better utilisation of existing infrastructure: Inverclyde Biologicals’ expertise in designing and manufacturing clinical grade reagents complemented Source Bioscience’s stated expansion plans.

Commenting on the decision to appoint Initium as M&A advisor, Hugh Graham of Inverclyde Biologicals said: “We wanted someone who could sell a scientific business such as ours, and who had a good track record of selling niche businesses. We felt that Initium had that experience, and that clinched it for us.”