ML LABS ACQUIRING QUADRANT FOR £46.7M

ML Laboratories is buying pulmonary drug formulation specialist Quadrant Technologies Ltd. for £46.7 million (US$85 million) in cash and shares, and changing its name to Innovata plc to reflect the transformation the acquisition will bring. Two months ago, ML Labs said it would close five business units and move its headquarters from Warrington to St. Albans. Now it has ditched that plan in favor of the Nottingham base of Quadrant, which boasts laboratories recently kitted out at the expense of its erstwhile owner, Elan of Dublin, Ireland.

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