Provid Pharmaceuticals Inc. has signed a definitive agreement for the acquisition of Tripos Discovery Research (TDR), the UK-based drug discovery division of Tripos, Inc. (Nasdaq: TRPS).
According to Gary Olson, President and Chief Scientific Officer of Provid:
"The mission of the company centers on chemistry-based drug discovery as the key to unlock the value of biological targets for Provid's customers and collaborators.
Invention and design require high technology expertise and experience in the art of medicinal chemistry. These are highly developed within the expanded company. The combined entity will have the capability to pursue all aspects of drug discovery -- from target, to hit, to lead, to development candidate.
Furthermore, the integration of the capabilities of each organization will give current customers continuity for their ongoing projects in drug design and discovery, and afford unique and exceptional tools and approaches for the future."
Subject to numerous customary terms and conditions, the transaction is expected to close in the first quarter of 2007.
Find more details from the press release.
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