NEW YORK (GenomeWeb News) – Galapagos said today that it has acquired the drug discovery services assets of Cambridge, UK-based Sareum Holdings for €695,000 ($1 million).
Sareum’s drug discovery services business uses x-ray crystallography to identify chemical fragments for recombination into lead compounds. The services and technology assets will be integrated into Galapagos’ BioFocus DPI unit.
The sale includes Sareum’s ongoing services contracts related to structure-based drug discovery, a set of protein target structures called Crystal Bank, a fragment screening library, and specialized equipment needed to perform structure-based drug discovery. Five Sareum employees will join BioFocus DPI’s business in the UK.
“The assets and expertise acquired from Sareum strengthen our drug discovery, adding a novel technology that our customers are expressing an interest in,” said BioFocus DPI Senior VP Chris Newton.
Mechelen, Belgium-based Galapagos said the acquired assets will “contribute marginally” to BioFocus DPI’s revenue target for 2008. Galapagos also reiterated its full-year guidance of revenues of between €75 million and €80 million.