$1 million purchase will add structure-based discovery-related contracts, equipment, and libraries.
Galapagos acquired Sareum’s drug discovery services for €695,000, or about $1.02 million, in cash. These assets will add structure-based drug discovery offerings to the company’s subsidiary, BioFocus.
According to the terms of the agreement, Galapagos has obtained Sareum’s ongoing service contracts relating to structure-based drug discovery, a fragment screening library, equipment needed to perform structure-based drug discovery, and the Crystal Bank, which is a set of protein target structures. Sareum’s structure-based approach uses x-ray crystallography to discover chemical fragments for recombination into lead compounds.
The transaction will contribute marginally to BioFocus’ revenue target for 2008. Galapagos reiterates that its full-year revenues will be between $109 million and $117.32 million and its year-end cash position will be around $36.66 million.