Biotech company VASTox, of Oxford in the UK, has completed the simultaneous acquisition of DanioLabs, a private UK drug discovery company, and Dextra Laboratories, a specialist carbohydrate chemistry service company.
These deals represent an important strategic step for VASTox: they not only they strengthen and diversify its drug discovery and development pipeline through the addition of two clinical and two pre-clinical programmes in neurological and ophthalmic diseases; but also enhance its scientific expertise and capabilities in zebrafish chemical genomics and carbohydrate chemistry, and boost its scientific infrastructure through the acquisition of two high-tech laboratory facilities in Cambridge and Reading.
These technology platforms underpin VASTox's internal drug discovery and development programmes as well as forming a basis for the enhanced growth of its pharmaceutical services business.
Daniolabs, based in Cambridge, UK, has been acquired for £15m. The ceo and cfo will step down with immediate effect. VASTox will retain Daniolabs' scientific research facility in Cambridge and all 37 remaining staff will take up new positions within the enlarged group.
Reading-based Dextra Laboratories has been acquired for £1.5m. VASTox will retain Dextra's state-of-the-art chemistry facility in Reading with all 17 Dextra employees becoming employees of the enlarged VASTox.
'The acquisitions of DanioLabs and Dextra will add significant value to VASTox's business with important clinical and pre-clinical additions to our drug pipeline and a strengthening of our drug discovery and development technology platforms,' said VASTox's ceo Dr Steve Lee.
'Following these transactions, plus the earlier deal with MNL Pharma in December 2006, VASTox now has a broad drug discovery pipeline with programmes in clinical and discovery phases of development targeting neuro-disorders, cancer, ophthalmology, infectious diseases and regenerative medicine.'