Trickle feels this little munch by PCOP is a good bang for the buck. British biotech is silly cheap right now, and it looks as though PCOP got a nice price if these folks are worth anything at all.
>>PRINCETON, N.J., and CAMBRIDGE, England, June 21 /PRNewswire/ -- Pharmacopeia Inc. (Nasdaq: PCOP - news) today announced that its software subsidiary Accelrys Inc. has agreed to acquire all of the outstanding stock of privately- held Synomics Ltd. (``Synomics'') in a transaction valued at approximately $4 million (including transaction costs and liabilities assumed). The transaction should be completed within a few days.
Synomics, based in Cambridge, UK, combines science, process, and information technology skills to offer life sciences research organizations more effective and shared access to data, applications and knowledge among disparate workgroups and disciplines. Synomics' Lead and Project Explorer solutions support the sharing of lead compound and project data across the enterprise. Its Alliance architecture is a strategic integration platform that allows Synomics users to integrate data sources and processes. The company's developers and consultants work in collaboration with customers to create enterprise-wide systems based on these middleware technologies.
Synomics' operations will be integrated with Accelrys, which delivers market-leading bioinformatics, cheminformatics, and modeling software plus associated consulting services. Accelrys' key strategic aim is the development of a standard, integrated software platform, incorporating all of its solutions plus third-party software and clients' in-house tools. Through the acquisition of Synomics, Accelrys will gain technology that is central to this mission. The acquisition will also add significant expertise in information technology consulting for the pharmaceutical industry.
Dr. Michael Stapleton, Chief Operating Officer of Accelrys Inc., comments, ``The acquisition of Synomics marks another significant step towards the development by Accelrys of a comprehensive, integrated software platform for research and development. In addition to strengthening our strategic technology position, the acquisition will provide us with 40 highly qualified staff who will be quickly integrated, primarily into our new consulting organization. We are excited to welcome this talented group to Accelrys.''
Dr. Stapleton continued, ``Synomics' primary focus has been development of its innovative technology. Revenue levels have been modest to date. As a result, this acquisition might be slightly dilutive to Accelrys' earnings for the remainder of 2001. However, we are confident that we can rapidly integrate Synomics technology so that it adds value to our own software. This extended software solution, channeled through our worldwide sales and marketing organization, should generate meaningful revenues and accretive earnings beginning in 2002.''
Mr. Robert Booth, Chief Executive Officer of Synomics, says, ``We believe that Accelrys is the ideal home for Synomics' technology and people. Accelrys' product range, customer base, sales and marketing capabilities, and strategic goals will maximize the value of our capabilities.''
Dr. Peter Smith, Director Discovery Research Applications at Wyeth Research, a division of American Home Products and a customer of both Accelrys and Synomics, welcomed the announcement: ``This combination of two major technologies fundamental to Wyeth's research informatics is an exciting and encouraging development. Wyeth is confident that the resulting enhanced environment will provide a long-term, robust, enterprise-wide framework for scientific applications integration.''<<
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Cheers, Tuck |
