Galapagos to Acquire Inpharmatica for as Much as $25.4M …
Galapagos this week said it plans to acquire Inpharmatica, a UK-based drug discovery database company, in a stock deal potentially worth €19.1 million ($25.4 million).
Galapagos said it estimates that Inpharmatica’s ongoing business is worth €6.5 million, the company has €6 million in cash, and has a potential to earn around €6.6 million in milestones.
Inpharmatica will become part of Galapagos’ drug-discovery branch, BioFocus DPI, and will contribute its Admensa ADME screening and Chematica chemoinformatics services.
Galapagos also said it expects to layoff some of Inpharmatica’s management, sales, and administrative staff.
Under the terms of the agreement, Galapagos will issue as many as 2.2 million of its shares at €8.82 apiece — or around €19.1 million — which was the average trading price over the 30 days before Dec. 5. Galapagos said it will issue these shares “assuming that all three components” — milestones, cash on hand, and Inpharmatica’s worth as an ongoing business — “are fully delivered.”
To facilitate the deal, Galapagos said it will apply for a listing for the new Galapagos shares on Euronext Brussels and Euronext Amsterdam.
… and Wins $665K Grant from EU Kidney Consortium Proligen
Galapagos also said this week that it has received a €500,000 ($665,000) grant from a European research consortium that aims to use genomics, proteomics, and functional genomics to help in the regeneration of injured kidneys.
The grant was awarded by the Proligen consortium to Galapagos’ BioFocus DPI division.
The Proligen consortium is funded over three years with €2.5 million by the European Union’s Sixth Framework Program. Other Proligen members include universities and companies from Spain, Switzerland, the Netherlands, and Germany.
Under the terms of the deal, BioFocus will use its adenoviral libraries and cellular assay knowledge to target starting points for treatment of kidney injuries.
Invitrogen Closes $26M Sentigen Acquisition
Invitrogen this week said it has closed its acquisition of Sentigen Holding.
The $25.9 million cash deal was announced in September.
Invitrogen paid $3.37 per share for the Phillipsburg, NJ-based company, which will become part of Invitrogen’s Discovery Sciences division, located in Madison, Wis.
With the acquisition, Invitrogen picks up Sentigen’s Tango assay system for protein interaction and GPCR screening and its assay-ready cell lines.
At close of the business day Dec. 1, Sentigen had $11 million in cash and cash investments, the company said.