Hays has acquired pharmaceutical and biotechnology recruiter James Harvard International for an initial £24m cash, with an additional £19m payable depending on performance.

Two thirds of the Harvard business is based in the UK, with the remainder overseas, primarily in Japan. In 2006, James Harvard generated estimated net fees of £10.7m and estimated operating profits of £3m. Apart from its core pharma markets, it also has IT and finance recruitment businesses. It is headquartered in London, and has just under 100 staff.

Hays said the move provided an entry into Japan, adding: "Hays sees strong growth potential in the Japanese market and the sectors in which James Harvard operates. In addition, the acquisition provides Hays with an excellent platform to introduce Hays' core sector businesses into Japan."

Stewart Rogers, chairman of James Harvard, said: "This enables us to quickly expand our services into Europe. When Hays approached us we were not looking to sell but it soon became clear that all parts of the James Harvard Group were complementary for Hays."