Cambridge, UK and Cambridge, MA – 8th May 2018, 1pm BST
RxCelerate, one of the leading out-sourced drug discovery and development platforms in the United Kingdom, announced today it has hired Nick Tait as group Chief Financial Officer and also completed the acquisition of the biotech-specialised accounting and back-office services company, The Cambridge Partnership Ltd.
“I am very excited at the opportunity to join a rapidly-expanding business, with a growing client base on both sides of the Atlantic” said Nick Tait, who has extensive experience in high-growth environments, most recently as Finance Director at Metrion Biosciences, Non-Executive Director at Cambridge Healthcare Research, and advisor to DefiniGEN Ltd.
The Cambridge Partnership was founded in 2013, on the Babraham Research Campus, and provides financial control, accountancy, company secretarial and back-office services to the biotechnology industry.
“The Cambridge Partnership remains the only back-office services company exclusively focused on the biotechnology sector” said Dr Jill Reckless, CEO of RxCelerate. “The demands of early-stage biotech companies, investing their equity capital heavily in R&D often in the absence of revenues, requires a unique understanding of the opportunities and challenges that represents. We are delighted to now be able to support The Cambridge Partnership, as part of RxCelerate group, in providing that service to an even larger number of biotech companies in the UK.”
Dr Elaine McKilligin, Founder and Chief Executive at The Cambridge Partnership, said “The rapid growth in demand for our services is exciting. Becoming part of the RxCelerate group will allow us to scale up more rapidly to meet that demand.”
The Cambridge Partnership Ltd will remain as a separate company and brand. Existing clients will be contacted directly, but will see no changes in the services they receive as a result of the change in ownership. RxCelerate will pay up to £1.45million, including an upfront payment of £1.35million to acquire full ownership of the business. No further financial details have been disclosed.
“The RxCelerate vision has always been to provide everything needed to create and run a virtual biotech company” said Founder and Chairman, Dr David Grainger. “These young start-ups need tailored back-office services to free up founders to focus their attention on developing their drug candidates, knowing the administration is being handled properly. The Cambridge Partnership is the only service provider exclusively focused on these biotech start-ups, and we are delighted to have found the next piece of the RxCelerate jigsaw puzzle.”
Last week, RxCelerate announced the acquisition of specialist bioanalytical contract research lab, Total Scientific. These acquisitions bring the total number of employees across the RxCelerate group to 38.
NOTES FOR EDITORS
RxCelerate is an out-sourced drug discovery and development company, founded in Cambridge UK in 2012, with a focus on working smarter. It has grown rapidly to become one of the leading providers of drug development services in the United Kingdom. RxCelerate operates a unique model, providing capabilities to discover and develop drugs for clients, designing as well as executing every aspect of the research and development plan.
RxCelerate offers a wide range of services. The biology team specializes in in vivo pharmacology, offering proprietary models of wide range of human diseases, as well as complex cell-based assays. The chemistry team provides medicinal chemistry, including in silico screening, and synthesis that integrates seamlessly with the in vitro testing capability. A dedicated team designs the optimum discovery or development strategy for each project, as well as integrated program management. By working closely together, these teams can deliver pharma-grade drug product candidates at a fraction of the cost of traditional approaches.
For more information, please visit us at rxcelerate.com and connect with us on Twitter (@RxCelerate).
Contact our UK headquarters: firstname.lastname@example.org Tel: +44 (0)1223 839557.
Contact our US headquarters: email@example.com Tel: +1 (857) 409-6028
About The Cambridge Partnership
The Cambridge Partnership is a specialist provider of accountancy, financial control, company secretarial and corporate governance services exclusively tailored to the needs of small and medium-sized biotechnology companies. It was founded in Cambridge UK in 2013, to fill a gap in the market of support services for R&D-intensive start-up companies. In addition, it provides a one-stop solution to establish new companies, which can be fully operational in as little as four weeks. It also offers bespoke pay-monthly management packages, that ensure compliance with up-to-date legislation on pensions, anti-bribery provisions, data security, company law and other regulatory and compliance matters that typically challenge young companies, while providing day-to-day financial and budget control.
For more information, please visit thecambridgepartnership.com
About Babraham Research Campus
Babraham Bioscience Technologies Ltd (BBT) is responsible for the commercial development of the Babraham Research Campus. The Babraham Research Campus is distinct in its co-location of bioscience companies with the Babraham Institute, a world-renowned research organisation. The Campus provides companies laboratory and office space together with access to outstanding scientific facilities in an ideal geographical location at the core of the Cambridge cluster. Website: www.babraham.com
For more information, please contact:
Derek Jones, Chief Executive, Babraham Bioscience Technologies Limited.
Email: firstname.lastname@example.org Tel: +44 (0)1223 496262