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news.A5 Labs has signed a letter of intent to acquire contract research (CRO) assets and a new interferon production technology from Vida Pharma, based in Montreal, Canada.
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A5 labs is a contract research based organisation servicing the pharmaceutical and biotechnology companies in North America. The company utilises its research capabilities to license and acquire novel biotechnology products for development and commercialization.
The CRO assets include all equipment and fixtures (tangible) and all intellectual properties including analytical methods, laboratory information management system, standard operating procedures and list of customers.
The interferon production technology includes all know how and data from previous clinical trials related to the production of gamma interferon.
Richard Azani, president and CEO of A5 Labs, said: We are very pleased to begin the process of acquisition of these assets. Our strategic vision is to use the CRO assets to create a research based profit center and to leverage that internal core competence to develop and commercialise novel biotechnology products.”
The all share transaction is expected to close on or before June 15, 2010.