NEW YORK, June 20 (GenomeWeb News) - Japan's Gene Networks International (GNI) said today that it has merged with China's Shanghai Genomics.
GNI said that it concurrently raised a private equity round of financing of more than $13M led by Nomura, Healthcare Partners, and several other US and Japanese private equity firms.
GNI uses gene regulatory network maps and systems pharmacology techniques to develop therapeutic pharmaceutical products internally and in partnerships with other pharmaceutical firms. The company, which has offices in Japan, the UK, and the US, said that it will benefit from Shanghai Genomics' "Western-quality discovery research, preclinical development, and contract research services to facilitate cost-efficient drug development, faster revenue generation and, ultimately, profitability for the united company."
The combined company will have a research staff of more than 80 employees in Japan, China, and the UK, and several drug candidates in clinical and pre-clinical development, GNI said.