Instem Plc (LON:INS) won’t have to make the final payment due for its 2013 acquisition of Logos Holdings after weak trading at the business meant it missed order targets.
The final £0.7mln would have been due next year as part of the £5mln deal.
Instem acquired Logos – which has since been re-named as Instem Clinical – back in May 2013 for an initial fee of £0.55mln, with a further £4.55mln available in performance-related bonuses.
Instem – which provides analytical software to drug developers – had already forked out £4.1mln as part of the acquisition.
No further deferred consideration remains outstanding to Logos’ former owners, Instem said.