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Pharmacopeia Completes Acquisition of Oxford s Software Subsidiaries

NEW YORK, Sept 6 - Pharmacopeia (Nasdaq: PCOP) said Wednesday it had completed the acquisition of the software subsidiaries of Oxford Molecular Group of Oxford, UK.

The deal, which was valued at about $27 million, including cash and the assumption of certain liabilities, includes Oxford’s GCG bioinformatics software line and its RS3 cheminformatics products.

“The scientific products and technologies that we have acquired from Oxford Molecular will enhance and complement our existing drug discovery and chemical development solutions,” Joseph Mollica, Pharmacopeia’s chairman, president and CEO, said in a statement.

Pharmacopeia of Princeton, NJ develops tools and methods for accelerating drug discovery and chemical development. Its software operation includes MSI and Synopsys Scientific Systems. The company employs about 675 people and had revenues of $104 million in 1999.

The acquisition ends speculation about the fate of the beleaguered Oxford Molecular Group. The company had been racked with financial losses and had been criticized for not leveraging GCG’s product line after buying the company for $20 million in 1998.

Oxford Molecular plans to sell its remain assets and disband.

 

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