Skip to main content
Premium Trial:

Request an Annual Quote

Galapagos Buys ProSkelia for $16.4M; Corrals $40.7M in Financing

NEW YORK (GenomeWeb News) - Galapagos said today that it has entered an agreement to buy drug-discovery firm ProSkelia for €12.5 million ($16.4 million) in stock.
Galapagos also said it has raised €31 million ($40.7 million) in financing through the private placement of new shares to institutional investors in Europe and the US. 
ProSkelia, a subsidiary of the UK-based company ProStrakan Group, specializes in bone diseases. It was originally a spin-out of Aventis’ bone disease group and was acquired by the Strakan in 2004 to form ProStrakan.
Galapagos will acquire ProSkelia’s bone disease R&D capacities as well as three preclinical products for bone disease and one product for muscle atrophy and weight loss. Galapagos said the acquisition will contribute to its goal of having “multiple clinical programs in bone and joint disease in 2008.”
Galapagos said it issued new shares for the €12.5 million payout, and may pay ProStrakan as much as €14.5 million in earn-out payments from income it may receive from acquired preclinical programs.
Galapagos CEO Onno van de Stolpe said the acquisition and new capital will allow the company to “bring our bone and joint programs into the clinic in 2008 and 2009.”
Galapagos earlier this month bought drug database company Inpharmatica for €19.1 million, and in July it acquired the drug discovery operations from Discovery Partners International for €4.25 million.

The Scan

Genes Linked to White-Tailed Jackrabbits' Winter Coat Color Change

Climate change, the researchers noted in Science, may lead to camouflage mismatch and increase predation of white-tailed jackrabbits.

Adenine Base Editor Targets SCID Mutation in New Study

Researchers from the University of California, Los Angeles, report in Cell that adenine base editing was able to produce functional T lymphocytes in a model of severe combined immune deficiency.

Researchers Find Gene Affecting Alkaline Sensitivity in Plants

Researchers from the Chinese Academy of Science have found a locus affecting alkaline-salinity sensitivity, which could aid in efforts to improve crop productivity, as they report in Science.

International Team Proposes Checklist for Returning Genomic Research Results

Researchers in the European Journal of Human Genetics present a checklist to guide the return of genomic research results to study participants.