REG - Abingdon Health PLC - Acquisition of IVDeology Holdings Limited

Abingdon HealthAnnouncement

07/05/2024 07:15

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RNS Number : 2724N  Abingdon Health PLC  07 May 2024

 

 

 

Abingdon Health plc

("Abingdon Health" or "the Company")

 

Acquisition of IVDeology Holdings Limited

Strengthening Abingdon's regulatory consultancy expertise

 

York, U.K. 7 May 2024: 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.

 

In its financial year ending 31 January 2024, IVDeology generated combined
turnover across the three entities of £392k; resulting in a combined loss
before tax of £30k. IVDeology Holdings Limited recorded net assets of £43k
as at 31 January 2024.

 

Issue of Equity

 

Application has been made for the admission to trading on AIM for the 5
million new Initial Consideration shares ("Admission"). It is expected that
Admission will become effective on 10 May 2024.

 

Total Voting Rights

 

Following the issue of the 5 million new Initial Consideration shares the
Company will have a total of 126,716,822 Ordinary Shares in issue. The Company
does not hold any shares in Treasury.

 

The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.

 

The above information is provided by the Company in accordance with its
obligations under the FCA's Disclosure Guidance and Transparency Rules.

 

 

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".

 

 

Enquiries

 

 Abingdon Health plc                   www.abingdonhealth.com/investors/ (http://www.abingdonhealth.com/investors/)
 Chris Yates, Chief Executive Officer  Via Walbrook PR
 Chris Hand, Non-Executive Chairman

 Singer Capital Markets (Sole Broker and Nominated Adviser)                     Tel: +44 (0)20 7496 3000
 Peter Steel, Alex Bond, Jalini Kalaravy (Corporate Finance)
 Tom Salvesen (Corporate Broking)

 

About Abingdon Health plc

Abingdon Health is a leading lateral flow contract research (CRO) and
contract development and manufacturing organisation (CDMO) offering its
services to an international customer base across industry sectors that
include clinical, animal health, plant health, and environmental testing.
Abingdon Health has the internal capabilities to take projects from initial
concept through to routine and large-scale manufacturing; from "idea to
commercial success."

The Company's CDMO division offers product development, regulatory support,
technology transfer and manufacturing services for customers looking to
develop new assays or transfer existing laboratory-based assays to a lateral
flow format. Abingdon Health aims to support the increase in need for rapid
results across many industries and locations and produces lateral flow tests
in areas such as infectious disease, clinical testing including companion
diagnostics, animal health and environmental testing. Faster access to results
allows for rapid decision making, targeted intervention and can support better
outcomes.

 

Abingdon Health's Abingdon Simply Test™ range of self-tests is an ecommerce
platform that offers a range of self-tests to empowers consumers to manage
their own health and wellbeing. The Abingdon Simply Test
(http://www.abingdonsimplytest.com) ™ ecommerce site offers consumers a
range of information to support them in making informed decisions on the tests
available. In addition, the site provides Abingdon's contract services
customers with a potential route to market for self-tests. The Abingdon Simply
Test range is also sold through international distributors and through other
channels in the UK and Ireland such as pharmacy chains.

 

Founded in 2008, Abingdon Health is headquartered in York, England.

For more information visit: www.abingdonhealth.com
(http://www.abingdonhealth.com)

 1  Ivdeology Ltd and Ivdeology UKRP Ltd

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