TSI Corp. has acquired G.D.R.U. Ltd., a London-based provider ofPhase I human clinical contract testing services, for 1.1million shares of TSI common stock. The stock (NASDAQ:TSIN)closed Friday at $13, down 25 cents.
The acquisition allows TSI to add human clinical trials to thepreclinical and toxicology services it already provides.
No regulatory approval or notification equivalent to aninvestigational new drug application (IND) in the United Statesis required for Phase I clinicals in the United Kingdom, "so youcan get into human clinicals faster," said Munro Pitt, TSI'ssenior vice president and chief financial officer. "The U.S.accepts U.K. data, and you can complete the Phase II and IIIclinicals in the U.S. or wherever you want to.
"Hopefully, G.D.R.U. will add between $7 million and $8 millionto TSI's annual revenues."
In October, TSI also purchased for an undisclosed sum certainassets of the Biotechnology Resources and BiotechnologyServices businesses of Hazelton Washington Inc. Thebusinesses provide in vitro testing services for cell lines andproducts, as well as monoclonal and polyclonal antibodyproduction capabilities. The businesses will be incorporatedinto TSI Washington, a subsidiary located in the Washington,D.C., area.
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