Leadtec Systems Australia to acquire Mimotopes

Leadtec Systems Australia has signed a share purchase agreement to buy Mimotopes, the Australian subsidiary of US company Commonwealth Biotechnologies, for a cash consideration of $950,000 and an earn out potential of $100,000, if Mimotopes reaches certain milestone earnings in 2011. The transaction will require shareholder approval and is expected to close in 2010.

Scott Needham, Managing Director, Leadtec, said that the purchase of Mimotopes will complement his life sciences business, Life Research, which offers custom antibody services and catalogue antibodies, proteins and kits to the research community and pharmaceutical industries.

“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. 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 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.

“Since its inception in 2009, Life Research has achieved strong growth and gained substantial support from the Australian research community. Our mission is to become the leading Australian-based supplier of peptide and antibody research products to Australian and international researchers,” he concluded.