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Provid Pharma to Acquire Tripos Discovery Research

Monday, January 08, 2007 10:30:00 AM PDT | VentureDeal Staff

NORTH BRUNSWICK, NJ – Privately-held Provid Pharmaceuticals, Inc. has agreed to acquire Tripos Discovery Research, the UK-based drug discovery division of publicly-held Tripos, Inc. (Nasdaq: TRPS), for an undisclosed sum.

Provid believes the acquisition will allow it to improve its medicinal chemistry and drug discovery service offerings to the biotech, academic and pharmaceutical markets.  According to Gary Olson, President of Provid, β€œThe combined entity will have the capability to pursue all aspects of drug discovery – from target, to hit, to lead, to development candidate.”

The transaction is scheduled to close in the first quarter of 2007, and is subject to numerous closing conditions, including Provid obtaining financing for the acquisition.

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