Oxford Molecular bows out

Oxford Molecular (LSE:OMG) will sell its software solutions business to Pharmacopeia (PCOP) for $27 million in cash and the assumption of liabilities, a decision that effectively removes OMG from the marketplace. OMG said it will place the remainder of the company in voluntary liquidation and that its London Stock Exchange listing will be cancelled.

The acquisition of OMG's Oxford Molecular Ltd., Chemical Design Holdings plc and Oxford Molecular Group Inc. businesses will provide PCOP with positions in bioinformatics and cheminformatics products and platforms, businesses that generated revenues of approximately $15 million in 1999, PCOP said. ...