U.S. firm acquires Hungaryʼs Argint International

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U.S.-based Precision for Medicine, part of the Precision Medicine Group, announced on Tuesday the acquisition of Hungaryʼs Argint International, a contract research organization for small and mid-sized biotech companies, national news agency MTI reported.

The acquisition, the price of which was not disclosed, expands Precision for Medicineʼs presence in Europe, giving it a base in Budapest, in addition to others in Edinburgh, Paris, Berlin, Geneva, Bucharest, Bratislava and Belgrade.

"The addition of the Argint team augments and enhances our European platform, which is critical due to the significant number of customers we have throughout Europe - and also the number of sites and patients seeking novel therapies derived from the benefits of precision medicine," said Precision for Medicine President Chad Clark.

Argint International CEO Agnes Pinnel said the transaction "offers growth potential for our people."

"In particular, we are excited to join with a leader in biomarker-based precision medicine programs, one of the fastest growing and important parts of drug development," she added. 

Precision for Medicine supports life sciences companies in the use of biomarkers necessary for targeting patients more precisely and effectively, according to the MTI report.

Argint International had after-tax profit of HUF 1.2 billion on revenue of HUF 4.2 bln last year, public records show.

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