Life Research expands portfolio with acquisition of Mimotopes

Life Research has added the peptide portfolio of Mimotopes to its repertoire with the acquisition of the company from its parent, Commonwealth Biotechnologies, by Leadtec Systems.

Mimotopes is the Australian subsidiary of US company, Commonwealth Biotechnologies, and was sold to Laeadtec Systems for $950,000 in cash with a further $100,000 based on the achievement of certain earnings milestones in 2011.

The deal still requires shareholder approval and is expected to close in 2010.

The acquisition was made by Leadtec Systems, which supplies software and serves to businesses to manage supply chain. The Managing Director of Leadtec, Scott Needham, is also CEO of Life Research.

Life Reserach was founded in 2009 with a aim of supplying antibodies to Australian researchers at a cost and turnaround comparable to that offered to US researchers.

“Australia is renowned for its vibrant life sciences research and education industry and we are excited about the opportunity to leverage Mimotopes’ 20 years of expertise and international reputation in this sector," said Needham.

"Mimotopes’ high quality research products and services provide an excellent offering for the global market and we look forward to supporting the renewed growth of the business,” he said.

According to Mr Needham, Life Research will benefit from Mimotopes’ global distribution networks, which extend throughout the US, Europe and Asia. He also plans to capitalise on the company’s strong market base and team of scientists at its laboratory in Melbourne to build Life Research into a major Australian biotechnology company that can service the needs of the life sciences research community.