4th October 2012

Fusion portfolio company, i2L, acquires US based ICR to create global biocides laboratory and field trials contract research organisation

Fusion IP (AIM: FIP), the university commercialisation company that turns university research into business, is pleased to announce that its Cardiff University spin-out company, i2LResearch Ltd (“i2L”), has acquired Baltimore based ICR Inc. (“ICR”), which provides efficacy testing and regulatory consulting services to the insect control product industry.

The company has been acquired from MGK of Minneapolis, USA. MGK sells insect control products into global markets, including consumer home and pet products, professional pest control, animal health and crop protection. The company currently sells its products into more than 60 countries globally and is a world leader in the development and distribution of the botanical insecticide, Pyrethrin, as well as a wide range of synthetic chemistries.

The acquisition, details of which are undisclosed, creates a significant Contract Research Organization (‘CRO’) that will enable i2L to expand its European based agrochemicals, biocide and regulatory operations into the USA.

Commenting on the acquisition i2L’s CEO, Dr Peter McEwen stated

“This acquisition allows i2LResearch Ltd to leap the Atlantic and we now offer biocides laboratory and field trials in the two largest markets in the world.”

Dr Robin Todd, Executive Director of i2L Research USA Inc formerly known as ICR Inc, added

“The combination of ICR’s nearly 70 years of solid experience in the North American market, with i2LResearch’s dynamism, is a winning formula and we look forward to rapid growth over the coming years.”

David Baynes, CEO of Fusion, said

“This is an excellent acquisition for i2L. Peter has done a tremendous job in establishing i2L as one of the leading UK and European biocide and agrichemicals testing CROs and we look forward to supporting him as he expands his successful formula into the USA.”

Fusion owns a 31% equity stake in i2L.

 

For further information please contact: Fusion IP +44 (0) 114 275 5555 (David Baynes, CEO Fusion / Stuart Gall, Press Relations)

Seymour Pierce +44 (0) 20 7107 8000 (Mark Percy or Catherine Leftley, Corporate Finance / David Banks, Corporate Broking)