STORY UPDATE
MECHELEN, Belgium—May 8, 2007—Galapagos announced it has issued the final tranche of shares related to its purchase of Inpharmatica. The Galapagos shares were issued to former holders of Inpharmatica C Preference shares and were expected to be admitted to trading on Euronext Brussels, Euronext Amsterdam, and AiM on May 11.
MECHELEN, Belgium—In a deal estimated at €12.5 million, drug discovery company Galapagos NV announced it has signed a definitive agreement to purchase UK-based Inpharmatica. The acquisition will expand Galapagos's position in the discovery service arena—joining the BioFocus DPI arm—as the new company brings expertise in the development and application of genome-scale predictive products and services.
"We believe that the merger of our drug discovery service operations into BioFocus DPI creates the best value for our shareholders," said John Lisle, Inpharmatica CEO. "Integrating Admensa and Chematica within the BioFocus DPI offering will greatly increase their commercial potential and opportunity."
Inpharmatica can expect to see significant reductions in management, sales, and administrative staff positions as BioFocus DPI people take over operation of the business. The deal will also see Galapagos obtain specific downstream financial rights to Inpharmatica's internal PPAR-delta program, targeting obesity and diabetes.
