Galapagos acquires Cangenix
Galapagos, a mid-size clinical stage biotechnology company, has acquired Cangenix, a gene-to-structure biotech company, to add structure-based drug discovery to its Argenta service offering. Cangenix's state-of-the-art technology will augment Argenta's ability to design new drugs and fill a growing client need.
Galapagos will pay a total cash consideration of $1.6 million, with a further $705,000 potential earn out payment contingent upon achievement of certain conditions. Argenta will integrate all of Cangenix's assets, know-how, personnel and service contracts. The activities will be added to Argenta's capabilities in hit finding and medicinal chemistry. The Cangenix team of four staff will join Argenta but will continue to operate the platform in its premises in Canterbury, securing a smooth transition of the business. The acquisition will contribute to the Argenta revenues and profit for 2013.
"We welcome the Cangenix team and their clients to the Galapagos group," said Onno van de Stolpe, CEO of Galapagos. "The assets and expertise of Cangenix really address a growing client need at Argenta. We look forward to extending and expanding this business."