News & Views Entologi Completes Acquisition of Hatch Science
Following the major shareholding made by RTS Life Science last year, new owner, Entologi, has completed the acquisition of Hatch Science, a US-based pharmaceutical testing business for $1 million (£600,000). Carl Krajewski, CEO of Entologi, explained: “RTS originally felt Hatch’s products and technology would align nicely with its existing inhaler and tablet testing products by adding dissolution and content uniformity testing functionality.
This premise is coming to fruition as both RTS and Hatch technical teams are collaborating on new products centred on quality control in the life science and biotech sectors. This acquisition also provides us with a valuable US base from which
to bring the wider Entologi Group offering to North America and to service our additional customers.”
Entologi, one of the UK’s fastest growing engineering groups, has rebranded Hatch as a subsidiary of the RTS Group and it will be headed by RTS Managing Director, Gary Walsh.
“In addition to enabling the life science business to better serve its US clients’ from our East Coast base, it will also help fuel the growth of other companies within the Entologi Group, such as HMK drives and controls and our, clean room specialists, Specific Environments”, commented Walsh.
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Left to right Neville Buckley, Chairman Entologi, Sam Mederios, Larry Chinn, Martin Schwalm of the US Team and Carl Krajewski, CEO Entologi
TO FIND OUT MORE CIRCLE NO. 53 New CEO at InGen BioSciences
Dr Isabelle Buckle, who brings 25 years industry experience in molecular medicine and proteomics, has recently taken over as CEO for The InGen Biosciences Group replacing Jean-Pierre Hermet who becomes Chairman.
She has executive responsibilities for the Group’s core activities in reagent supplies and platform analysis as well as R&D initiatives. Group’s sales reached EUR 20 million in 2009, which is significant for an early-stage biotech company.
“Isabelle has excellent educational credentials and an outstanding professional track record,” said Jean-Pierre Hermet. “We have great trust in her ability to achieve our goal of transforming the InGen BioSciences Group into a European IVD leader.”
Dr Buckle joins the Group from Applied Biosystems, now part of the global
technology tools company Life Technologies, where she was business director for Global Strategic Accounts, Worldwide for five years. She has also worked with Ciphergen Biosystems, a developer and marketer of protein chip systems and Amersham Pharmacia Biotech (now part of GE).
“I am delighted to be working in a dynamic company with leading professionals focused on the fields of proteomics and the synthesis of new recombinant antigens.
I see many opportunities that will both increase our distribution panel and continue to supply our R&D funnel with new products that contribute to clinical and diagnostic applications,” Dr Buckle said.
TO FIND OUT MORE CIRCLE NO. 54 Newron receives €3.7million under Italian government R&D support program
Newron Pharmaceuticals SpA a research and development company focused on novel CNS and pain therapies has been advised by the Italian government’s Ministero dell’ Istruzione, dell’ Università e della Ricerca, that it is to receive a total payment of €3.7 million with immediate effect, as part of a €5 million grant for innovative R&D. In 2008 Newron was awarded the €5 million
grant by the Ministry towards a €5.3 million R&D program ongoing at the company. The grant supports the research and identification of novel compounds for the treatment of diseases of the Central Nervous System. About 40% of the grant is non- reimbursable. The rest bears interest of 0.5% per year and is required to be fully repaid within 10 years from the grant date.
Luca Benatti, Newron’s CEO, said: “This significant reimbursement for our R&D further strengthens our cash position and validates our continuous effort in searching for innovative Ion channel molecules for CNS diseases. This comes on the back of the private placement of SFr3.5 million (€2.7 million) completed in late December. Our operations are now funded well into 2012.”
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Financial News
Reporting on its financial results for the fourth quarter and full year to 31 December 2010, Thermo Fisher Scientific Inc saw revenues grow by 7% to $10.79 billion for the year with earnings per share rising 17% to a record $3.57. The company, which spent $600 million during the year on 11 complementary acquisitions, is also bringing Dionex under its banner for $2.1 billion, creating a leading chromatography offering. Significant investments in Asia- Pac region, including a new China Technology Centre in Shanghai continue while R&D spend which exceeded $40 million, has further strengthened leadership position, the report said. $1 billion was spent to repurchase 20.7 million shares"We had a great year in 2010," said Marc N. Casper, President and Chief Executive Officer of Thermo Fisher Scientific. "We achieved our financial goals by successfully executing our plan and reinforced our leading position through continued innovation and commercial expansion. "We were especially pleased to achieve record adjusted EPS in 2010 on good top-line results. We also delivered 80 basis points of adjusted margin expansion for the year while significantly increasing our investments in new technologies and emerging global markets to further strengthen our depth of capabilities. In addition, we deployed $1.6 billion of capital on share buybacks and complementary acquisitions." Casper added: "In 2011, our goal is to build on our strong operating performance and generate solid returns from the investments we are making. This combination puts us in a unique position to create value for our customers, employees and shareholders this year and for the long term."
Danaher Corporation announced GAAP net earnings for the quarter ended 31st December, 2010 were $473.9 million, or $0.69 per diluted share, a 72.5% increase over GAAP diluted net earnings per share of $0.40 for the same period in 2009. On a non-GAAP basis after adjustments, 2010 fourth quarter adjusted net earnings were $455.4 million, or $0.67 per diluted share, a 19.5% increase over 2009 fourth quarter adjusted diluted net earnings per share of $0.56. Sales for the 2010 fourth quarter were $3.6 billion, 15% higher than the $3.1 billion reported a year earlier. Core revenues increased 13% in the quarter compared to the fourth quarter of 2009. GAAP net earnings for the full year 2010 were $1.8 billion, or $2.64 per diluted share, compared with GAAP net earnings of $1.2 billion, or $1.73 per diluted share for the full year 2009. Revenues for the full year 2010 were $13.2 billion compared to $11.2 billion for the full year 2009, an increase of 18%. Core revenues increased 11.5% for
the full year 2010 compared to the full year 2009. H. Lawrence Culp, Jr, President and Chief Executive Officer, stated, "2010 was an outstanding year for Danaher. We continued to evolve the portfolio toward higher growth, higher technology, more global businesses serving markets where our brands are clear leaders. The investments we have made in innovation and emerging markets are driving growth and share gains. We generated $1.87 billion of free cash flow in 2010 and continue to seek to deploy our cash back into the business through acquisitions. We believe we are well positioned heading into 2011."
Agilent Technologies, Inc has reported revenues of $1.52 billion for the first fiscal quarter ended 31st January 2011, 25 percent above one year ago, or 19 percent excluding the effects of the Varian acquisition and recent divestitures. First-quarter GAAP net income was $193 million, or $0.54 per diluted share. Last year's first-quarter GAAP net income was $79 million, or $0.22 per share. During the first quarter, Agilent had intangible amortisation of $28 million, Varian-related integration costs of $19 million, and restructuring charges of $13 million. It also recognised a tax benefit of $41 million. Excluding these items, Agilent reported first-quarter adjusted net income of $212 million, or $0.60 per share. Bill Sullivan, Agilent President and CEO, said: "We had an excellent start to the year as we continued to demonstrate the strength of our product portfolio. All regions throughout the world posted double-digit organic revenue growth."Electronic Measurement revenues were up 23 percent over a year ago. Orders and revenues were both up 31% excluding the effects of the Network Solutions divestiture. Highlights included strong growth in the communications business as well as in industrial, computers and semiconductor markets. Chemical Analysis revenues were up 43% above one year ago. Orders were up 16% and revenues were up 8 percent on an organic basis. Continued strength in the petrochemical, food, environmental and forensics markets contributed to CAG's growth. Life Sciences revenues grew 19% over last year. Orders grew 11 percent and revenues grew 7 percent on an organic basis. Good growth in pharma along with strong demand in academia and government markets, were highlights of the quarter. First-quarter ROIC was 21 percent. Agilent generated $120 million of cash from operations during a seasonally weak first quarter. Net cash, at the end of the first quarter and after paying off the $1.5 billion World Trade debt in December, was $554 million.
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