Quotient BioResearch Launched With Acquisition Of HFL For GBP 20.25 Million
NEWMARKET, England, January 25 -- Quotient BioResearch Ltd today announced its launch with the acquisition of HFL Ltd, a leading UK provider of sports forensic testing and pharmaceutical research and development services, from the Horseracing Betting Levy Board.
Quotient BioResearch is a new company focused on building a group of businesses centred on high quality analytical and safety evaluation services, primarily for the global pharmaceutical and biotechnology industries. The acquisition of HFL, which delivers advanced analysis of biological and pharmaceutical compounds from a world-class facility near Cambridge, UK, marks a major step in achieving this strategy. HFL has two principal businesses: drug surveillance in sport (equine, canine and human) and sports supplements testing; and drug development services for the pharmaceutical and biotechnology industries, including bioanalysis, biomarker research, pharmaceutical analysis and clinical laboratory services.
Quotient BioResearch is owned by a consortium of investors including founder Paul Cowan, former Chief Financial Officer of Inveresk Research Group, Inc. and property companies Helical Bar PLC (LSE: HLCL.L - News) and The Dencora Group, as well as the senior management team of HFL. Paul Cowan will retain a controlling shareholding in Quotient BioResearch and become Executive Chairman for the Group.
"HFL is the first acquisition for Quotient BioResearch and an excellent fit for our strategy of building a major presence in early stage drug development and related services," said Paul Cowan. "HFL's world-leading position in the field of drug surveillance testing is an excellent complement to its emerging position as a provider of high quality analytical services to the global pharmaceutical and biotechnology industries. I look forward to working with its first class management and employees to further build on the success of these two businesses."
"Quotient was selected after a rigorous and transparent tender process and we have full confidence in HFL's ability to continue to deliver high quality drug-testing services to racing as well as to other clients, established and new" said Robert Hughes, Chairman of the Horserace Betting Levy Board. "I am sure that the very professional and expert staff at the laboratory will be pleased that the period of uncertainty which is inevitable at the time of a change of ownership is over. I am equally sure that they will be excited by the prospect of contributing to the realisation of Quotient's vision for the continued development of a world-class facility."
"British Horseracing has been a commendable and highly supportive owner over a great many years" said David Hall, Chief Executive Officer of HFL Limited. "The strategic vision of Quotient BioResearch, combined with the recent successful diversification of HFL into the provision of drug development and sports supplement testing services, bodes well for the future continued success of HFL and its employees."
Quotient BioResearch intends to grow through the acquisition of a portfolio of businesses involved in the provision of high quality drug development services for the global pharmaceutical and biotechnology industries. Its initial focus will be on businesses providing early stage drug development services.
Ulster Bank Limited, a subsidiary of Royal Bank of Scotland, provided the debt finance for the acquisition. Ernst & Young, Belfast acted as financial adviser and Wedlake Bell as legal adviser to Quotient BioResearch.
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About Quotient BioResearch Limited
Founded in 2006 by majority shareholder Paul Cowan, former Chief Financial Officer of Inveresk Research Group, Inc. Quotient BioResearch invests in businesses providing early stage drug development services. Additional investors include property companies Helical Bar PLC and Dencora.
About HFL Limited
HFL is located on a 32 acre, purpose-built site near Fordham, Cambridgeshire and employs some 130 staff. With revenues to March 2007 expected to be in excess of GBP10million, HFL provides a research-backed drug screening service for British horseracing and provides services to other clients including the National Greyhound Racing Club, overseas turf authorities and pharmaceutical and healthcare clients.