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, “The 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.