IntelGenx Technologies Corp. said it was acquiring a Montreal, Quebec-based pharmaceutical consulting firm for C$5 million in cash.

The Canadian pharmaceutical company intends to fund the acquisition of Laboval Inc. via a private placement to raise at least US$10 million.

The C$5 million acquisition amount is subject to Laboval achieving certain revenue milestones over two years after the deal is closed.

IntelGenX President and CEO Horst Zerbe said the deal will help reduce the company's overall cost structure by bringing quality control testing in-house.