Transaction will also boost Utek’s presence in the life science sector, particularly in the U.K.
Utek, a technology transfer company, agreed to acquire Pharmalicensing to extend its open innovation services and enhance its presence in the life science sector. The transaction is valued at $2.15 million and will be satisfied through the issuance of 153,967 Utek shares.
Pharmalicensing assists firms in their R&D and business development programs through partnering and licensing. Based in York, England, the firm makes it possible for its approximately 200 clients to post descriptions of technologies that they are seeking to in-license or out-license.
Utek expects to complete the transaction by early January, 2008. The acquisition will take effect through Utek Europe. “We believe that the acquisition of Pharmalicensing fits our strategy of becoming the leading provider of open innovation services and expands our existing operations within the U.K. market,” remarks Clifford M. Gross, Ph.D., Utek’s CEO.