Cello buys Promedica

Promedica will form part of Cello Health and will work closely with Cello Health Insight in London, New York and Chicago.

The purchase involves a $700,000 cash payment, with a maximum of $1.8m payable dependent on financial performance in the period to 31 December 2017. Up to 50% of the deferred consideration is potentially payable in shares. Promedica made revenues of $1.9m in the year to December 2013.

Stephen Highley, chairman of Cello Health said: “This experienced and talented team will now open up capacity on the West Coast of America where we are seeing significant activity from both pharmaceutical and biotechnology clients.”