Ann: Strategic alliance and investment in CPR Pharma Services, page-4

The most recent sale of a large Contract Research Organisation (CRO ) was Novotech. See the AFR article below.
Sold for something north of $300m. Forecast EBITDA is $30m for FY 2018.
Sales for FY 2017 about $80m .
This represents at least ten times EBITDA and about four times sales.
The Proteomics announcement mentions sales of $15m for CPR.
Proteomics are buying 10% for 4 m shares at about 30 cents each. This is around $1.2m for 10% or $12m for the whole business.
This represents about 80% of sales of $15m and Novotech sold for FOUR times sales.
However, Novotech a much bigger business and involved in phase three and four trials which are generally more profitable than phase one and two where CPR seems to be involved.
However, it does look like Protemics have done well.