Clinical trials company Hvivo has completed its first acquisition, buying two research units from German group CRS for €10 million.
Hvivo, which specialises in early-stage drug development contract research, said the transaction establishes “a significant footprint” in Europe with 120 beds across two sites in Germany and was funded by the company’s existing cash resources.
It noted that the Mannheim and Kiel units units being acquired recorded revenue of €19.9 million last year.
The announcement coincided with Hvivo’s latest trading update which indicated that the group expected to report revenues of £62.7 (€74.8 million) for 2024, an 11.9 per cent increase on the prior year.
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The “significant uplift” in revenue and margins was driven by strong operational delivery including recruitment of record number of human challenge trial (HCT) participants, the listed company said.
Hvivo said it expected to achieve group revenues of £73 million (€87 million) in 2025, anticipated to be weighted towards the second half, representing a robust year-on-year performance of the core business (excluding the impact of the one-off client funded facility fee of £4.3 million recognised in 2024) but including revenues expected to be generated by CRS.
Hvivo chief executive Yamin Khan said: “2024 was a tremendous year for the group, with the delivery of record revenue and Ebitda margins as well as laying broader foundations for future growth.
“These record financials were achieved in a year when the company completed the move to the world’s largest commercial human challenge trial unit, developed a number of new challenge models, launched three new service lines, and implemented a number of new software systems,” he said.
Mr Khan said the group’s newly launched services combined with strategic mergers and acquisitions (M&A) has enhanced the company’s ability to deliver revenues of £100 million by 2028.
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