RMIT takes a 20% stake in vivoPharm
vivoPharm, an Australian contract research organisation, has bought RMIT Drug Discovery Technologies (RDDT) from RMIT University in Melbourne. As a result of the share based transaction RMIT will become a 20% shareholder in vivoPharm.
No further financial details were disclosed.
RDDT, established in 2004, is a GLP-compliant pre-clinical toxicology testing company founded and owned by RMIT. The firm’s operations will continue at the RMIT Bundoora campus in Melbourne, which will become vivoPharm’s Australian headquarters.
vivoPharm is an oncology-focused, GLP-compliant provider of integrated preclinical pharmacology services. Founded in Adelaide in 2003, it recently established US operations in Hershey, Pennsylvania and has a sales and marketing office in Munich, Germany to service European customers.
vivoPharm says the addition of RDDT will allow the firm to expand its suite of toxicology testing services and make them available to both Australian and international customers.
RDDT also brings a network of contacts and a strong client base to the deal, the firm said.
RMIT said it had identified vivoPharm as a strong partner with suitable administration, infrastructure and marketing activities to take it into international markets.
Derek Young, chairman of RDDT, said: ‘After six years of development, RDDT is ready to move to the next level of preclinical toxicology safety testing. We did exactly what we set out to accomplish – we developed a business that has caught the attention of an established, Australian-based but internationally focused company.’
Dr Ian Nisbet, newly appointed chairman of vivoPharm and a key driver for the RDDT transaction, said: ‘The addition of RDDT will bring significant growth to vivoPharm. Not only will we derive value from RDDT’s established business but relocating the company’s headquarters to Melbourne, with the largest concentration of biotechnology companies in Australia, places the company close to many of its existing and potential Australian customers.’