Open Orphan PLC (LON:ORPH) said it has signed an option agreement to acquire a company called CHIMagents for a nominal sum.
The business designs, manufactures, and tests agents for use in challenge studies, which complements the work carried out in the infectious diseases field by Open Orphan subsidiary hVIVO.
CHIMagent's Adrian Wildfire, who has over 20 years of industry experience, will join hVIVO as a director.
Open Orphan chief executive Cathal Friel said the option agreement was an “important strategic step as we rapidly grow our pipeline of challenge studies”.
“The work CHIMagents is undertaking in relation to COVID-19 challenge agents also complements our own work and we look forward to updating all shareholders on that workstream in due course,” he added in a statement.
“We have real momentum across the group and this option further cements our position as one of the leading service providers to the developers of vaccines and anti-virals globally."
Open Orphan has three months in which to exercise the option. If the acquisition goes ahead, CHIMagents will operate as a standalone company within the larger business.