Deal in dental work worth £1.5m
Alliance prompts stem cell firm to invest at BioCity
Precious Cells Group (PCG), an international provider of stem cell technologies, will become a master licence holder for biobank BioEden.
As a result of the agreement PCG subsidiary Pharmacells has been appointed exclusive laboratory processing partner to BioEden across Europe in a deal that is expected to be worth in excess of £1.5 million.
Pharmacells, based at BioCity Scotland in Newhouse, Lanarkshire plans to invest £1.2m expanding its facilities over the next two years. The company also plans to increase its 14 members of staff to around 50 over the next three years.
Athol Haas, chief executive at Pharmacells, said: “This partnership comes at a very exciting time for Pharmacells, part of the Precious Cells Group. The strategic alliance between the two companies secures our organisations as the world’s largest provider of dental biobanking services and represents a breakthrough deal for businesses in our sector within the UK.”
Dr Diane Harbison, managing director of BioCity Scotland said: “We have worked closely with Pharmacells from the outset to help nuture their phenomenal success.
“This announcement and resulting expansion and job creation plans provide another significant boost to the flourishing life sciences sector.”