Life science group Sartorius, which has a major technical centre in Stonehouse, has agreed a £415million deal to acquire Nottingham company Albumedix Ltd. from private investors.

It provides recombinant albumin-based solutions - an important component for the biopharmaceutical industry used as an animal-free additive to cell culture media and for the stabilisation of vaccines and viral therapies.

The business, founded in 1984, has more than 100 employees and is expected to generate revenue of approximately £33 million in 2022.

Sartorius employs more than 10,000 people and its clients include global biotechnology and pharmaceutical companies who demand a state-of-the-art environment and the highest standards.

It's Gloucestershire arm Sartorius Stedim Lab Ltd opened a new technical centre in Stonehouse Park last summer

Managing director Chris Biddell started the business in his uncle's garage in Oakridge more than 30 years ago and now employs 240 people. It develops and manufactures consumable devices for scientists working in medical research and food and beverage testing laboratories all over the world.

The buyout will be made through French listed subgroup Sartorius Stedim Biotech with Albumedix becoming part of the Sartorius bioprocess solutions division.

René Fáber, member of the executive board for the bioprocess solutions division of Sartorius, said: "Albumedix will be an important addition to Sartorius' advanced therapy solutions, particularly regarding our cell culture media business, as it will enable us to strengthen our position as a relevant supplier of innovative chemically defined media and critical ancillary materials.

"This market offers high growth potential due to the increasing regulatory requirements as well as rising demand for the use of recombinant human albumin in near-patient applications. Albumedix will also add important formulation excipients to our vaccine production solutions, allowing us to expand our existing customer relationships and forge new ones."

The deal is expected to close before the fourth quarter subject to regulatory approval.