CiToxLAB says LAB Research acquisition was key driver for growth in H1 2012 and hints at future collaborations with clinical CROs.
The French preclinical CRO saw revenue grow 34 per cent to €37.2m ($48.4m) in the first six months of 2012 with ‘positive’ EBITDA (earnings before interest, taxes, depreciation, and amortization) for its businesses in Europe and North America.
CEO Jean-François Le Bigot cited the acquisition of LAB Research last year - which turned around the fortunes of Canadian firm and added a primate research site in Quebec, a minipig lab in Denmark and an inhalation unit in Hungary to CiToxLAB’s network – as an important driver.
He told Outsourcing-pharma.com that part of this was due to changes made at LAB’s facility in Canada, which had struggled as a result of pricing pressure in the competitive North American market.
“The Canadian facility is now networked in our global operations and takes advantage of the group’s financial and scientific expertise.”
Le Bigot also told us that – in terms of CiToxLAB’s services business – the key growth areas included biologics assessment, vaccine development, clinical and histopathological examination and biomarkers.
Le Bigot also hinted at CiToxLAB’s strategy going forward, suggesting that the firm may work closely with counterparts in the clinical research sector.
“We do not intend to stand still and are discussing several innovative projects, which may involve the group in specific investigations during clinical trials running in parallel with chronic toxicity studies.
“This sort of project may lead us to collaborate not only with our direct clients but also with some major clinical CROs,” he said.
Le Bigot also told this publication that CiToxLAB is keeping an eye on emerging markets as potential areas of expansion.
“Even if we have no short-term project of identified target in Asia today, we are very aware that it is a fast-growing market. We will not miss opportunities if they occur.”