ChemGenics, Myco Pharmaceuticals Inc., PerSeptive deal

The companies created ChemGenics to combine PBIO's chemistry and drug discovery technologies with Myco's operations. Myco was founded in 1992 to discover drugs using microbes as model systems to identify disease genes, elucidate gene function, select drug targets and configure high-throughput drug screens. The technology contributed by PBIO was under development at its PerSeptive Technologies II research subsidiary, which PBIO recently reacquired.

PBIO owns 40 percent of ChemGenics, with an option to acquire an additional 10 percent. PBIO did not issue any shares in the creation of the company. ...