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Galapagos to Acquire BioFocus for $36.5M in Stock

NEW YORK, Sept. 21 (GenomeWeb News) - Dutch biotech Galapagos has reached an agreement to acquire UK-based BioFocus for ₤20.2 million ($36.5 million), Galapagos said in a statement today.

 

According to the terms of the offer, Galapagos will buy the entire issued share capital of BioFocus by Oct. 12. BioFocus will then become part of the Galapagos group with a 30 percent stake in the firm.

 

Galapagos CEO Onno van de Stolpe said that the acquisition is expected to enhance the company's position in the drug discovery market.

 

"We are truly impressed by their drug discovery capabilities [and] we believe that these will greatly accelerate our programs in bone and joint diseases," van de Stolpe said.

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