Looking for more downstream deals

Celera Genomics Group has taken a step toward life in the post-genomics space with its planned purchase of Axys Pharmaceuticals Inc., which will provide CRA with biology and chemistry capabilities needed to build a fully integrated drug discovery business system. And CRA is looking for more deals to move further downstream.

CRA has already started to develop its own vaccine and antibody-based therapeutics, but had no small molecule discovery capability before announcing the planned Axys acquisiton for $170 million in stock last week (see B3). "We have built a genomic and proteomic target discovery platform, and under Stephen Hoffman, senior vice president of immunotherapeutics, we are building immunotherapeutic intervention capability," said Peter Chambré, CRA's COO. Hoffman, hired in January, was director of the U.S. Navy's malaria research program...