NEW YORK (GenomeWeb News) – German biotech firm MorphoSys today announced it has acquired Sloning BioTechnology, which is developing new methods of synthetic biology, for €19 million ($26.5 million).
MorphoSys will now be the sole source for Sloning's Slonomics technology, which enables the precise construction of protein libraries "comprising defined mixtures of amino acids at predetermined positions with unprecedented speed," MorphoSys said in a statement, adding that the technology represents a new and flexible approach for generating optimized proteins, such as antibodies.
Integration of the Slonomics technology in MorphoSys' existing antibody platform is expected to improve the success rate for new drug candidate development to the point where 50 percent of new projects will reach clinical development, MorphoSys said.
The company will also use Sloning's technology to develop therapeutic and diagnostic antibodies.
Sloning was founded in 2001 and is headquartered in Puchheim, Germany.
MorphoSys said the deal is not material to its financial guidance for 2010.