Galapagos NV (GLPGF.PK) Tuesday said it has acquired Canterbury, Kent based Cangenix for a total cash consideration of 1 million pounds.
Cangenix’s technology is expected to augment Argenta’s ability to design new drugs and fill a growing client need.
Galapagos will also pay additional 440 thousand pounds as potential earn out payment, contingent upon achievement of certain conditions.
The company also announced formation of Fidelta, its new service division located in Zagreb, Croatia. The research center was earlier owned by GlaxoSmithKline, and was acquired by Galapagos in September, 2010.
In order to enhance efficient use of these facilities, Galapagos has re-focused the Zagreb organization from internal to external outsourcing.
The formation of a third research center will further strengthen the company’s position in drug discovery services, ranging from target discovery through to the delivery of preclinical candidates, in key disease areas for its clients.
Click here to receive FREE breaking news email alerts for Galapagos NV.. and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com