Abingdon Health plc (AIM: ABDX), a leading international lateral flow contract research (CRO) and contract development and manufacturing organisation (CDMO), is pleased to announce the acquisition of IVDeology Holdings Limited, together with its subsidiaries[1] ("IVDeology"), a UK-based leading provider of regulatory consultancy support to an international customer base in the in vitro diagnostics sector for total consideration of up to £700,000.
IVDeology provides a range of regulatory services including those in support of IVDR (the In Vitro Medical Devices Regulation (EU) 2017/746) for the EU market, UKCA (UK-Conformity Assessed)-marking for the UK market, and FDA support for the US market to an international customer base. IVDeology's regulatory services include technical file build, regulatory filing support, implementation of Quality Management Systems and Quality Assurance.
IVDeology also supports non-UK manufacturers registering their products for the UK market by being their UK responsible person. IVDeology was co-founded by regulatory experts Stuart Angell and Nancy Consterdine and both Stuart and Nancy will continue to lead IVDeology as part of the wider Abingdon Health group.
The acquisition strengthens Abingdon's existing regulatory service and knowledge leadership and expertise in the regulatory area. The regulatory environment for in vitro diagnostics, including lateral flow tests, is going through a period of significant change with the implementation of IVDR in Europe and the creation of UKCA marking in the UK. In addition, there have been recent changes to the classification of various categories of lateral flow products in the USA. These changes create opportunities for Abingdon Health to support existing and new customers in navigating this landscape; bringing a timely expansion to the Group's capabilities in this area.
The acquisition will be satisfied by the issue of 5 million ordinary shares of 0.0025 pence each in Abingdon Health plc ("Ordinary Shares") to the owners of IVDeology at an issue price of 10 pence per Ordinary Share, equating to £0.5m ("Initial Consideration"). The Initial Consideration shares will be subject to a 12-month lock-in agreement followed by orderly market provisions. In addition, subject to achieving certain revenue targets in the two financial years following acquisition, an earn-out of £0.2m will be payable at the time ("Earn-out"). Any consideration due under the Earn-out will be satisfied in Ordinary Shares to the current owners of IVDeology. These additional shares will be subject to a further 12-month lock-in agreement followed by orderly market provisions.
Chris Yates, CEO, commented:
"We're delighted to welcome Stuart, Nancy and the rest of the IVDeology team to the Abingdon Health group. The acquisition of IVDeology is in line with Abingdon's strategy of providing our customers with all the pieces of the jigsaw required to bring products from idea to commercial success. The IVDeology team will strengthen Abingdon's existing knowledge leadership and regulatory expertise. We look forward to working with the IVDeology team and supporting existing and new customers in navigating a regulatory environment going through a period of significant change."
Stuart Angell, Managing Director of IVDeology, commented:
"Nancy, the rest of the IVDeology team and I are excited to be joining the Abingdon Health Group. The in vitro diagnostics sector is undergoing a significant period of regulatory change in the UK, EU and internationally. By combining our collective skills, knowledge, and expertise, we can support our customers and the wider IVD industry with the comprehensive service that this opportunity provides".
