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Tripos to Acquire Pharsight for $57M

NEW YORK (GenomeWeb News) – Bioinformatics firm Tripos today said that it will acquire drug development software and regulatory services firm Pharsight for approximately $57 million in cash.
 
Tripos, which is owned by private equity firm Vector Capital, will pay $5.50 for each outstanding share of common stock of publicly traded Pharsight. The price represents a 29 percent premium over the average closing price of Pharsight’s stock for the 30-day trading period ended Sept. 8. Pharsight’s shares closed at $3.99 on the Nasdaq yesterday.
 
Pharsight Chairman and CEO Shawn O’Connor said the merger would enable the firm to expand its offerings and market reach. “The combined companies will provide software products and scientific services over an expanded market, from discovery to Phase III, approval, and post marketing,” O’Connor said in a statement.
 
Pharsight’s board of directors has approved the transaction, which must also be approved by the Mountain View, Calif.-based firm’s shareholders. The firms expect to close the deal in the fourth quarter of 2008.

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