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news.Genomics-based drug discovery company Galapagos has successfully completed its acquisition of all the drug discovery operations of Discovery Partners International for E4.25 million in cash.
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The acquired assets of Discovery Partners International (DPI) have now become a part of Galapagos’ service division BioFocus DPI.
“Galapagos acquired the operational activities of DPI as part of its strategy to become a worldwide leader in drug discovery services, ranging from target discovery to the delivery of candidate drugs,” said the company in a statement.
The acquired operations include DPI’s drug discovery services sites San Diego and South San Francisco (US), Basel (Switzerland) and Heidelberg (Germany) as well as DPI’s Japanese sales office in Tokyo.
The acquisition also provides Galapagos with additional capacity to deliver on its broad drug discovery and development alliance in osteoarthritis with GlaxoSmithKline, announced in June 2006.
Based on this acquisition, Galapagos said that it was increasing its revenue guidance for 2006 from E25-30 million to E33-38 million.