hVIVO (HVO) has acquired German clinical research unit CRS Clinical Research Services Berlin GmbH (CRS Berlin), strengthening its Phase I/II clinical trials platform and expanding into specialist areas including dermatology and women’s health.
The AIM-listed clinical development group said the acquisition is expected to be immediately earnings accretive and contribute positively to FY26 revenue and EBITDA. CRS Berlin has a contracted orderbook of about €10 million as at 30 June 2026, including work scheduled for delivery in 2027.
The acquisition has been completed for an initial consideration of just €0.025 million, with further cash payments linked to CRS Berlin’s future revenue performance.
Under the agreement, hVIVO will pay 18% of CRS Berlin’s annual revenue for each of the three years ending 31 December 2026, 2027 and 2028, subject to minimum revenue thresholds. The group expects aggregate earnout payments of about €6 million, with an existing pension liability of around €2 million deducted from those payments, resulting in expected net payments of about €4 million.
CRS Berlin generated unaudited revenue of €10 million and EBITDA of €0.3 million in 2025, with net assets of €0.1 million at year-end.
The 32-bed facility, including 18 intensive monitoring beds, specialises in Phase I/II studies in dermatology and women’s health and has completed more than 350 studies.
hVIVO said the acquisition provides access to established relationships with pharmaceutical and biotechnology customers, including preferred-site relationships with two major global pharmaceutical companies.
The Berlin operation has already been closely integrated with hVIVO’s German clinical research network following the group’s acquisition of CRS Mannheim and CRS Kiel in January 2025.
Around 50% of CRS Berlin’s requests for proposals are currently submitted jointly with the Mannheim site, highlighting existing operational links and potential for cross-selling across the network.
hVIVO said Berlin’s metropolitan catchment of ~6.2 million people also provides additional participant recruitment capacity.
The acquisition forms part of hVIVO’s strategy to build a diversified, full-service early-phase clinical development partner with wholly owned capabilities across Clinical Trials, Consulting, Human Challenge Trials and Laboratories.
hVIVO’s Chief Executive Officer Yamin ‘Mo’ Khan said: “Dermatology and women’s health are large and strategically attractive areas of drug development, and CRS Berlin brings us specialist capabilities in both. These specialisms meaningfully broaden hVIVO's addressable market and complement our existing expertise. The transaction terms reflect our disciplined approach to capital allocation, with the acquisition expected to be self-funding, supported by the business’s contracted orderbook and expected revenues. With earnout payments dependent on CRS Berlin’s revenue performance, we are acquiring a profitable, well-regarded business with long-term relationships with pharma and biotech partners on attractive terms.”