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news.Galapagos has agreed a deal to purchase all of the drug discovery operations of Discovery Partners International for $5.4 million.
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The deal involves four Discovery Partners International (DPI) sites in the US, Germany, and Switzerland which will be merged into BioFocus, the drug discovery services division of Galapagos.
As a result of the acquisitions BioFocus will change its name to BioFocus DPI in order to utilize the reputation of the DPI brand name in the field of drug discovery services. According to the companies, the acquisitions are expected to add over $10.2 million in revenues to BioFocus DPI in second half of 2006 and be cash flow accretive in 2007.
“We are extremely pleased that we will be able to add the excellent drug discovery activities of DPI to our BioFocus division. We believe that DPI’s capabilities will substantially strengthen our technology, product offering and customer base. This acquisition will position BioFocus DPI as a top five player worldwide in drug discovery services and provides Galapagos with a strong presence in the US,” said Onno van de Stolpe, CEO of Galapagos.