Incyte to Acquire Drug Discovery Company
By Biotechdaily staff writers
Posted on 19 Nov 2002
Incyte Genomics, Inc. (Palo Alto, CAcom) has agreed to acquire Maxia Pharmaceuticals, Inc. (San Diego, CA, USA), a small molecule drug discovery company, for up to US$28.3 million in cash and stock and up to $14 million in future clinical performance milestone payments. Posted on 19 Nov 2002
Upon closing, Maxia will become a wholly owned subsidiary of Incyte. Maxia is applying its technology platform to the discovery and development of next-generation small molecule drugs to treat chronic, life-threatening conditions such as diabetes, hyperlipidimia, inflammation, and cancer.
Incyte develops proprietary genomic information. The company has created a large portfolio of issued U.S. patents covering human full-length genes and the proteins they encode, and markets this information as well as genomic and proteomic information to pharmaceutical and biotechnology companies.
"We are impressed with the quality of Maxia's scientific team and the progress it has made in several promising areas of drug discovery,” said Robert Stein, M.D., president and chief scientific officer of Incyte.
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