Galapagos sells San Diego chemistry facility to ChemVentures
The San Diego facility currently employs 40 people and provides medicinal chemistry and custom library production services to pharmaceutical and biotech customers. ChemVentures intends to retain the employees at the San Diego site. The San Diego operations contributed around $4.8 million to the Galapagos revenues on an annual basis. Galapagos retains its guidance of total revenues of €75-80 million for the year 2008 and a year end cash position of around €25 million.
With the transaction, Galapagos completed the integration of BioFocus DPI's activities worldwide, according to the company. Going forward, BioFocus DPI operates sites in the UK (medicinal chemistry, biology services and compound libraries), USA (compound management), Switzerland (natural products and high throughput screening) and the Netherlands (target discovery and assay development).
"The decision to sell our San Diego site followed a thorough operational review of BioFocus DPI. We concluded that we are in a position to serve our customer base very well for medicinal chemistry and compound libraries out of our UK facility. By divesting the San Diego operation, we can improve our margins through reduced overhead and enhanced efficiency," said Onno van de Stolpe, CEO of Galapagos. "This transaction is further proof that we are committed to focussing on the strengths of our services business."
Topics
Organizations
Other news from the department business & finance
These products might interest you
Milli-Q® Services / MyMilli-Q™ by Merck Life Science
Services & Support for Water Purification Systems
Quality Care, Delivered. In Person & Online
Good Weighing Practice by Mettler-Toledo
Your Concrete Weighing Quality Assurance Plan
GWP Verification service
Get the chemical industry in your inbox
From now on, don't miss a thing: Our newsletter for the chemical industry, analytics, lab technology and process engineering brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.