ML Laboratories to acquire Quadrant

ML Laboratories (LSE:MLB) proposed to acquire pulmonary drug delivery company Quadrant Technologies (Nottingham, U.K.) for L46.7 million ($84.6 million) in stock and cash. MLB also intends to acquire the 19% of pulmonary drug delivery company Innovata Biomed (St. Albans, U.K.) that it does not already own for L1.9 million ($3.4 million) in stock and cash. MLB plans to change its name to Innovata.

In 2004, Quadrant had L5.7 million in revenue and EBITDA of L2 million. Under a 2003 deal, Quadrant has been providing Innovata Biomed with formulation development services for two drugs. ...