ACROMETA Group Limited, an established specialist engineering service provider in the field of controlled environments serving mainly the healthcare, biotechnology, pharmaceutical, research and academia sectors, has entered into a Sales and Purchase Agreement (“the Agreement”) for an additional 40% of the outstanding shares of Life Science Incubator Pte Ltd (“LSI”) for a total consideration of S$1.6 million payable in tranches, based on the realisation of agreed milestones in its immediate expansion plan. Upon completion of the purchase, the Group will control 70% of LSI, up from the current 30%.
The Agreement updates and follows from the Letter of Intent (“LOI”) announced to SGXNet on 20 February 2023 for the proposed acquisition of an additional 40% stake in LSI.
A site visit to Brisbane and the due diligence carried out by ACROMETA Management have shortlisted the location of the proposed co-working laboratory in Australia as it found it suitable.
Mr Levin Lee Keng Weng, ACROMETA Chairman, said, “Brisbane is a booming hub for the Life Sciences sector in Australia. According to Global Australia[1], a government-industry development agency, Queensland is home to more than 250 life sciences organisations, 85 core biotech companies, and more than 100 biotech-related research organisations.
A whole ecosystem has emerged with clusters of dynamic and innovative SMEs and start-ups either conducting their R&D or supporting the multinationals and research centres focusing on biotechnology, pharmaceuticals, medical devices and specialist healthcare such as gerontology and neurology.”
Mr Lee added, “The demand for co-working laboratory space is strong. The performance milestones for the payment in tranches agreed to by the Vendor indicate that both the Purchaser and the Vendor have confidence in the co-working laboratory business in Australia and Singapore.
The proposed additional co-working laboratory space in Singapore is to cater for expected growth in demand. In addition, as Singapore transforms its economy towards high-value sectors, more and more SMEs and start-ups conducting their R & D will require co-working laboratory space.”
This Media Release is to be read in conjunction with the announcement on SGXNet on 31 March 2023.
Press Release received on mail.
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