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Proteomics to acquire 10% of contract research organization

Australia's Proteomics International Laboratories Ltd. agreed to acquire 10% of privately held CPR Pharma Services Pty Ltd. for 4 million fully paid ordinary shares.

CPR Pharma is an Adelaide, Australia-based contract research organization, which provides drug development support services to clients in the U.S. and Asia. The company had net sales of A$15 million in fiscal 2017.

The transaction is part of a strategic partnership under which CPR Pharma is expected to enhance Proteomics' competitive position in the markets for clinical trials, companion diagnostics and biosimilars.

The transaction is expected to close March 5, subject to CPR Pharma shareholder approval.

Additionally, the companies agreed on the option for a second share swap of another 4 million shares for an additional 10% stake.