deCode Genetics to Acquire MedChem Life Sciences

In a move that will give the company chemistry and proteomics capabilities for drug development, deCode Genetics, Inc. (Reykjavik, Iceland) has agreed to acquire MediChem Life Sciences (Chicago, IL, USA) in a stock-for-stock exchange valued at around US$83.6 million. Included in the acquisition are MediChem's three wholly-owned subsidiaries: ThermoGen (protein expression), Emerald BioStructures (structural proteomics), and Advanced X-Ray Analytical Services (protein x-ray analysis).

Decode is using population data and genetic data to develop drug targets for common diseases. The acquisition will provide the capabilities needed to develop new drugs to treat these diseases. The company already has gene discovery projects in 50 common diseases and a portfolio of hundreds of proprietary drug targets.

MediChem is a full-service drug discovery company that uses its high-throughput integrated chemistry platform to streamline genomics-based drug discovery and development. The company has expertise in structural proteomics; lead discovery and optimization; combinatorial, computational, and medicinal chemistry; analytical and separations chemistry; chemical synthesis and scale-up; and clinical trials management.

"We believe that this merger marks a major step towards building a fully integrated biopharmaceutical company capable of bringing a range of therapeutic products to the market,” said Kari Stefansson, CEO of decode.





Related Links:
Decode
MediChem