German biotech firm buys into Silicon Fen technology

Cambridge, UK-based Innova Biosciences has been bought by Germany’s Sygnis Pharma (Frankfurt: LIO), for up to 11.5 million euros ($13 million) in cash and shares.

Innova, part of the so-called Silicon Fen cluster of technology firms, provides a range of antibody and protein labeling products and services for biopharmaceutical research and clinical development.

Sygnis chief executive Heikki Lanckriet said: “Innova is a natural fit with Sygnis. Its cutting-edge labeling technology, market knowledge, innovation and creativity is highly complementary and will add significant value.”

“We welcome the highly skilled and experienced team to the group, and are delighted that Nick Gee will join our management team as chief technical officer.”

Dr Gee, former chief executive of Innova, said: “Sygnis offers a great platform to grow our business internationally and will give us access to new target audiences and markets.”

“We were particularly attracted by the sales reach of Sygnis, which will enable us to grow our business even more quickly. The proximity of our locations here in Cambridge also makes achieving synergies readily attainable. We are delighted to be part of a larger, stronger team.”