SenzaGen (SENZA) M&A announcement summary

Deal rationale and strategic fit

• Adds profitable, UK-based preclinical immunotoxicology expertise for biologics and advanced therapies, expanding non-animal testing into a strategically important drug-development segment.

• Human-based platforms extend coverage from early preclinical research to regulatory safety assessment; Skimune® assesses immune-related risks before clinical trials.

• Supports the 2030 Growth Plan and long-term profitable growth by adding a high-growth business.

Financial terms and conditions

• Initial cash consideration for 100% of Alcyomics is SEK 28m (~GBP 2.12m), on a cash- and debt-free basis; earn-outs of up to SEK 25m may be payable for 2027/28 milestones and net debt reduction by 30 September 2027, subject to the cap.

• Funding combines SEK 35.5m of existing cash and SEK 25m of convertible bonds to Eiffel; a SEB revolving facility of up to SEK 12m supports working capital needs.

• Eiffel bonds bear 5.5% annual interest and are due 28 October 2031 unless converted or repaid earlier; conversion price is SEK 7.23 per share, with full conversion potentially issuing 3,457,814 shares and diluting existing holders by ~9.6%.

• Cash repayment of the bonds incurs a 10% fee on the outstanding amount, accrued annually.

• FY2025/26 revenue was £1.49m, up 46% YoY, with a 24% EBITDA margin and an 80–85% repeat rate; combined pro forma H1 2026 revenue was SEK 40.0m with positive EBITDA, including SEK 9.7m from Alcyomics in unaudited management accounts.

Synergies and expected cost savings

• Shared customer bases enable cross-selling, including GARD® opportunities among Alcyomics’ pharma clients and Skimune® services across existing pharma relationships.

• VitroScreen client relationships may create efficacy-testing opportunities; scientific experts can introduce Alcyomics services to pharma customers.

• Shared immunology expertise supports joint business development and expanded services; commercial and operational synergies are expected across sales, business development and R&D.