Dundee-based CXR Biosciences Joins Concept Life Sciences Group
CXR Biosciences Limited, (“CXR”) the Dundee-based investigative and exploratory toxicology business, has been sold by its shareholders – including Archangel Investors and Scottish Investment Bank – to UK-based Concept Life Sciences, the growing life sciences, scientific laboratory and consultancy group.
CXR is a leading investigative toxicology business. Its in-house expertise assists international life sciences companies to resolve issues relating to the safety of compounds and with the selection of drug and chemical candidates. CXR, which has 33 staff, will retain its name and operate under the Concept Life Sciences’ Group umbrella. All staff, including the management team, are joining the Concept Life Sciences Group. CXR Biosciences’ CEO, Paul Smith, will continue to head up the business which will continue to be based in Dundee.
CXR was founded in 2001 as a spin-out from Dundee University with funding led by Archangels, the prominent Edinburgh-based business angel syndicate which has been at the forefront of early stage investing in Scotland for more than two decades.
Concept Life Sciences is a UK-based, international scientific laboratory and consultancy business working in the life, food and environmental sciences. Combining the resources, knowledge and experience of its companies, Concept Life Sciences provides a comprehensive platform of services to clients requiring innovative science based solutions. The business is supported by the leading European private equity group Equistone Partners Europe as part of its ‚Ç¨1.5bn Fund IV.
Niki McKenzie, Investment Executive at Archangels, said:
“This is a good deal for staff, for shareholders and for Scotland. CXR Biosciences is an excellent business and will benefit from being part of a larger life sciences group while retaining its base in Dundee. This move reflects Archangels’ approach of investing early, providing support and further investment to allow our companies to grow and exiting at a mutually advantageous opportunity once they reach maturity. We wish the business further success in the next chapter of the CXR story.”
Kerry Sharp, Head of Scottish Investment Bank said:
“Over the last 10 years, we have worked closely with CXR Biosciences to provide an integrated package of support and investment including help with realising their international trade ambitions. The acquisition by Concept Life Sciences allowing them to continue to operate in Dundee with the existing team is an optimal outcome. As well as securing the future of CXR in Dundee, this exit is another positive step for Scottish Enterprise in developing globally competitive businesses in Scotland”