Concept Life Sciences, a drug discovery, development and analytical services and environmental consultancy firm, has been acquired by Spectris plc, an instrumentation and controls company, for a purchase consideration of £163 million, on a debt and cash-free basis.
 
Concept represents a new, high-growth area for Spectris, and will become a separate operating company within its Materials Analysis segment, where it has synergies with Malvern Panalytical. Concept’s clients will have access to Malvern’s molecular testing and analysis. Concept’s scientific offering and application insights, combined with Malvern Panalytical’s knowledge and broad reach, aims to enable increased innovation across the combined group.
 
Concept has achieved significant growth during 2015-2017, driven both organically and through M&A activity. The recent acquisition of Aquila Biomedical, an immunotherapy business, added integrated drug discovery and development services. Additionally, Concept expanded its capacity in August 2017 by opening new labs at the international science hub Alderley Park. 
 
Spectris reported 2016 revenue of £1.3 billion, with operating profit of £201 million. Under its new ownership, Concept will benefit from the expertise, resources and international reach of the Spectris group. The current Management team, led by Michael Fort, will remain.
 
Michael Fort, executive chairman, Concept Life Sciences, said, “Concept was positioning for a sale in late 2018/early 2019, and we are therefore delighted that our success has been recognised by Spectris, leading to an earlier than planned acquisition. The global footprint of Spectris along with their expertise in complementary activities and experienced management team offers the infrastructure to support Concept’s ambitions for international growth. We are very excited to begin working together.”
 
John O’Higgins, chief executive, Spectris, said, “Concept is a high-quality services business, which further strengthens our portfolio and enhances our ability to provide customers within the pharmaceutical, life sciences and advanced materials sectors with a combined product and service proposition. The Spectris executive team is excited to work with Michael and the team in order to deliver on the opportunities that both groups see.”