Simulations Plus, Inc. (NASDAQ: SLP), a leading provider of simulation and modeling software to the pharmaceutical industry, has announced that one of its acquisition opportunities is no longer under consideration, while two new opportunities have appeared and are under investigation.
Walt Woltosz, chairman and chief executive officer of Simulations Plus, said: “I promised in our conference calls that we would notify shareholders as soon as possible if there was any significant change in our acquisition activities. This press release announces that the major acquisition that we had been pursuing for more than six months for the pharmaceutical software and services side of the business is no longer under consideration. It appears that we had been in competition with another suitor, and although the offers were essentially equal, the company we wanted to acquire decided to pursue the other offer. They are now in a 45-day period of finalizing that deal and so communication between us has necessarily stopped. If that deal does not go through for any reason, we will be able to reopen discussions with that acquisition target.”
Woltosz continued, “During the course of our due diligence for this acquisition over the last six months, we identified several other opportunities and we are investigating them at this time. A major responsibility of our new Director of Business Development, Dr. Michael Pelekis, is to investigate the acquisition opportunities we know about today, as well as to identify new ones that would provide both top-line and bottom-line growth for the company.”