NEW YORK, July 16 - Signature BioScience has acquired Cambridge Discovery Chemistry (CDC) from Millennium Pharmaceuticals, Signature BioScience said Monday. Financial details were not disclosed.
Millennium had acquired CDC, based in Richmond, Calif., as part of its acquisition of UK-based Cambridge Discovery Chemistry Limited, the parent company of CDC, in July 2000. Millennium will continue to operate Cambridge Discovery Chemistry Limited as a wholly-owned subsidiary.
Last Monday, Signature completed a $43 million fourth round of private financing, pledging the money towards building the company's drug discovery infrastructure. With the acquisition of CDC, Signature adds 26 people, mostly chemists, and CDC's chemistry laboratory to its resources.
In addition to the acquisition, Signature and Millennium agreed to a two-year research collaboration.
Signature's drug discovery technology is based on multipole coupling spectroscopy, a technique for studying protein function and drug-protein interactions.
"We recently closed a significant round of financing, which armed us for focused acquisitions that will rapidly build our internal drug discovery capabilities," Mark McDade, CEO of Signature, said in a statement. "The team from CDC gives Signature world-class synthesis, process chemistry and lead optimization expertise, which would have taken years to build on our own," he said.