Proteomics International Laboratories Ltd. completed its previously announced acquisition of a minority stake in CPR Pharma Services Pty. Ltd., a privately held contract research organization.
Completion of the deal follows approval from CPR shareholders.
Perth, Australia-based Proteomics issued 3,868,305 shares for 10% of CPR Pharma's share capital. The stake was valued at A$1.2 million.
Proteomics said the share swap cements the companies' partnership agreement, under which Proteomics' predictive diagnostics and analytical services complement CPR Pharma's clinical and laboratory testing services.
Adelaide, Australia-based CPR Pharma provides drug development support services to clients in the U.S. and Asia.
