Galapagos NV and Cangenix Ltd have announced that Galapagos has acquired Cangenix to add structure-based drug discovery to the Argenta service offering.
Cangenix’s technology will augment Argenta’s ability to design new drugs and fill a growing client need.
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 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. The acquisition will contribute to the Argenta revenues and profit for 2013.
“We welcome the Cangenix team and their clients to the Galapagos group,” said Onno van de Stolpe, CEO of Galapagos. “The assets and expertise of Cangenix really address a growing client need at Argenta. We look forward to extending and expanding this business.”
“I am confident that Cangenix’s expertise in structure-based drug discovery services will enable Argenta to design better drugs for clients,” added Prof David Brown, CEO, Cangenix Ltd.