Date: 2013-01-15
Type of information: Company acquisition
Acquired company: Cangenix (UK)
Acquiring company: Galapagos (Belgium)
Amount: £1 million, with a further £440,000 potential earn out payment contingent upon achievement of certain conditions
Terms: Galapagos has acquired Cangenix to add structure-based drug discovery to the Argenta service offering. Under the terms of the acquisition agreement, Galapagos will pay a total cash consideration of £1 million, with a further £440,000 potential earn out payment contingent upon achievement of certain conditions. Argenta will integrate all of Cangenix's assets, know-how, personnel and service contracts. The activities will be added to Argenta's capabilities in hit finding and medicinal chemistry. The acquisition will contribute to the Argenta revenues and profit for 2013.
Details: Cangenix's state-of-the-art technology will augment Argenta's ability to design new drugs and fill a growing client need. The Cangenix team of 4 staff will join Argenta but will continue to operate the platform in its premises in Canterbury, securing a smooth transition of the business. Cangenix is a profitable gene-to-structure biotech company that provides drug discovery services. It was formed in 2011 by scientists from the Structural Biology and Biophysics group at Pfizer Sandwich, UK. The company provides a range of crystallographic and biophysical techniques, such as surface plasmon resonance (SPR) and isothermal titration calorimetry (ITC), using tailored biological reagents to accelerate the understanding of compound-target interactions and utilize structural, kinetic and thermodynamic data to inform drug design.
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R&D
