Outsourced drug discovery services continue to be an attractive area for acquisitions and investment. UK PE house Phoenix Equity Partners invested in Nottingham-based Sygnature discovery last year and American-based Charles River Inc has kicked off 2018 with the acquisition of UK-based KWS BioTest. This continues a trend of UK service-based pharmaceutical businesses that are involved in the "smart" parts of the market being attractive to UK and foreign acquirers, despite Brexit and other macro concerns.