C4X Discovery buys genetic platform provider Adorial for £1.7m
Adorial's mathematical tool Taxonomy3 has the potential to increase small molecule drug development success
C4X Discovery, a Manchester, UK-based drug discovery and development company, has purchased genetic technology platform provider Adorial and its subsidiaries, for £1.7m.
C4X will issue 1.5 million shares at 106p per share to cover the consideration for the transaction.
Adorial has developed the Taxonomy3 genetic technology, a mathematical tool that has the potential to increase the probability of success when developing small molecule drugs.
The firm has used Taxonomy3 in partnership with several pharmaceutical companies, including Takeda and UCB Pharma, and has identified multiple new targets in rheumatoid arthritis, Parkinson’s disease and ophthalmology.
Alun McCarthy and Olivier Delrieu, the founders of Adorial, have both joined C4X.
'With Adorial, we now not only have the ability to create the best-in-class molecules against any known therapeutic target using C4XD’s approach to ligand-based drug discovery, but also the ability to identify our own highly relevant and unique targets using Taxonomy3,' said Clive Dix, Executive Chairman of C4X Discovery.
C4X was founded in 2008 as a spin-out from the University of Manchester.
