Venn Life Sciences has purchased Medevol Limited for a total sum of USD0.67 million. This was according to a report published by Stock Market Wire.

The acquisition of Medevol further reinforces the operations of Venn in the UK. Earlier this year, Venn established a new headquarters in the country, the report said.

Venn acquired all of Medevol's issued share capital for an initial cash consideration of GBP70,000. The said consideration is to be taken from the Venn's existing cash resources, the report explained.

Over the next two years, there will be an additional deferred consideration with a maximum amount of GBP600,000. The payable would depend on Medevol hitting a certain financial target in relation to the annualized profit before tax of the business, the report said.. Any additional consideration will be paid for with one half in cash and one half in Venn shares, the report added.

Medevol is a clinical research organization. The group is currently based in Belfast, Northern Ireland, the report said.