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news.Tripos, a provider of drug discovery informatics products and services, has entered into a definitive agreement to acquire Pharsight, a provider of software, strategic and regulatory services designed to optimize clinical drug development, for approximately $57 million in cash.
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Under the terms of the agreement, Pharsight stockholders will receive $5.50 in cash for each outstanding share of common stock. The board of directors of Pharsight has unanimously approved the agreement. The acquisition is subject to the approval of Pharsight’s stockholders and other customary closing conditions.
Certain directors, officers and stockholders of Pharsight, representing approximately 33% of Pharsight’s outstanding common stock, have entered into voting agreements in support of the acquisition. The acquisition is expected to close in the fourth quarter of 2008.
Tripos is wholly owned by Vector Capital, a San Francisco-based private equity firm.
Shawn O’Connor, chairman and CEO of Pharsight, said: “We believe this merger provides an exciting opportunity to expand our existing 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.”
Jim Hopkins, CEO of Tripos, said: “The fusion of the design and analysis tools from Tripos and Pharsight will allow us to bring greater value to our customers engaged in the pharmaceutical R&D process. By acquiring Pharsight, we will be able to provide our customers with important new products, key enabling technologies and scientific expertise.”