GlaxoSmithKline announces acquisition of Cellzome
16 May 2012 00:00 in Pharmaceutical Company Restructures
GlaxoSmithKline has announced plans to fully acquire Cellzome, a leading provider of technology for the development and advancement of proteomics.
The pharmaceutical company will pay 61 million pounds to purchase all remaining shares in Cellzome, a UK and Germany-based organisation in which GlaxoSmithKline already owns a 19.98 percent equity stake.
Cellzome provides proteomics technology that can be used throughout the drug discovery process, from screening to selectivity profiling of compounds in different cells and patient samples.
It will become part of GlaxoSmithKline's research and development organisation, with a spin-off company to be created that holds the rights to Cellzome assets and activities its new parent does not wish to progress.
John Baldoni, senior vice-president for platform and technology science at GlaxoSmithKline, said: "The acquisition of Cellzome adds significantly to our scientific capabilities and capacity to characterise drug targets, and provides the opportunity to further enhance GlaxoSmithKline's ability to bring medicines to patients in a more effective manner."
Earlier this month, the pharmaceuticals firm announced a new partnership with Yale University, which will utilise proteolysis-targeting chimeric molecules to create a new class of medicines.
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Story collated for Zenopa by the Adfero News Agency