Tekcapital PLC’s (LON:TEK) medtech subsidiary Belluscura has strengthened its drug research capabilities with the acquisition of Nanotether Discovery Science for £265,000.
The consideration will be met through shares in Belluscura, which is just taking on the intellectual property, cash reserves and tangible assets of Nanotether.
That business owns intellectual property that accelerates the rate at which biomolecular interactions can be studied when companies are carrying out drug discovery programmes.
Unaudited management accounts at 5 April 2017 showed net assets of £281,000, which included a cash balance of approximately £204,000 and negligible liabilities.
As a result of the issue of new shares in connection with the acquisition, Tekcapital's stake in Belluscura has been reduced from approximately 65% to approximately 61%.
Bob Rauker, Belluscura's CEO said: "We are delighted to complete this acquisition which will further enhance Belluscura's assets."