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news.Mid-size clinical stage biotechnology company Galapagos has purchased Cangenix, to add structure-based drug discovery to its Argenta service division, for an up front payment of £1m ($1.6m).
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Under the acquisition, Argenta will integrate all Cangenix’s assets, know-how, personnel and service contracts to its capabilities in hit finding and medicinal chemistry.
Cangenix’ team of four staff will join Argenta but continue to operate the platform in its premises in Canterbury, UK, with the goal of securing a smooth transition of the business, claims Galapagos.
Cangenix CEO David Brown said, "I am confident that Cangenix’s expertise in structure-based drug discovery services will enable Argenta to design better drugs for clients."
In addition, Galapagos will further pay £440,000 ($706,398), upon achieving certain conditions.