NEW YORK, Aug. 13 (GenomeWeb News) – Physiome Sciences of Princeton, NJ, today announced that it will acquire Predix Pharmaceuticals of Woburn, Mass.
Physiome will acquire Predix in exchange for 30 percent of the combined equity of the two firms. The combined entity will will be headquartered in Woburn, Mass., and will be named Predix Pharmaceuticals.
Physiome was founded in 1994 and is a provider of computer-based modeling and simulation of cells and biological systems. The company has raised some $60 million in two rounds of funding, taking $50 million in 2000. Predix was founded in 2000, and is engaged in identifying and optimizing drug candidates that bind to G-Protein Coupled Receptors (GPCR's).
Michael Kauffman will remain the CEO of Predix Pharmaceuticals Holding, and Nik Hayes of Physiome has become CFO of the newly formed company. Frederick Frank, vice chairman of Lehman Brothers, and previously the chairman of Physiome, will remain on the board of the merged entity, according to a statement.
Physiome has temporarily closed its website as part of the transaction, according to a notice on the home page. The company has been in a period of transition, telling GenomeWeb in May that it planned on “unveiling a new direction” within weeks.