10:54 AM EDT, 06/12/2024 (MT Newswires) -- Simulations Plus ( SLP ) said Wednesday it acquired Pro-ficiency and its units from QHP Capital and minority shareholders for about $100 million in cash.

The company said it is funding the transaction with existing cash and investment resources. Pro-ficiency provides simulation-enabled performance and solutions for clinical and commercial drug development.

Simulations Plus ( SLP ) said the acquisition would double its total addressable market to $8 billion. It also expects the deal to be accretive to fiscal 2025 EPS.

Shares of Simulations Plus ( SLP ) were up more than 7% in recent trading.

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