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BioCentury
ARTICLE | Company News

Galapagos to acquire BioFocus

BC Staff
September 22, 2005 12:53 AM UTC

Galapagos (Euronext:GLPG) will acquire BioFocus (LSE:BIO) in a stock deal that values BIO at L20.2 million ($36.5 million). BIO shareholders will receive 0.225 GLPG shares for each BIO share, representing a price of 124p per share of BIO, a 121% premium to BIO's Tuesday close of 56p. BIO shareholders will own about 29% of the combined company. GLPG CEO Onno van de Stolpe will be CEO. The deal is expected to close on Oct. 12. ING Corporate Finance and Kempen & Co. advised GLPG, while Piper Jaffray advised BIO.

GLPG said the deal gives it access to BIO's expertise in chemistry, lead discovery and lead optimization, which it plans to use to identify and optimize drug candidates against internally discovered targets. GLPG has discovery programs in bone and joint diseases, asthma and Alzheimer's disease (AD). The company said that the combined group also will offer drug discovery services. ...