Adelaide-based drug development company Bionomics has acquired the business assets of Prestwick Chemical, based in Strasbourg France.
Prestwick is a premium provider of medicinal chemistry services and smart screening libraries.
It specialises in research and development services in early drug discovery and boasts one marketed product from its contract research services as well as several compounds in Phase III clinical trials.
The acquisition of Prestwick vertically integrates key functions within Bionomics in early stage drug discovery and development in neuroscience and
Bionomics’ CEO and Managing Director Deborah Rathjen said the acquisition brings in key assets.
“The acquisition of Prestwick is an important addition to Bionomics’ global operations," she said in a statement today.
"Bionomics is especially pleased to have acquired the Prestwick drug candidate library.
"This is a prized asset and we are well placed to understand and benefit from its true value.
“Bionomics is building a global business with integrated drug discovery and development expertise to support strategic partnerships. Prestwick adds to Bionomics’ capacity to rapidly identify and advance high value drug candidates for partnering and development."
Prestwick blue chip customer list includes big pharmaceutical companies GlaxoSmithKline, Johnson & Johnson, Bayer, Sanofi Aventis, Abbot and EMD (Merck Serono).
In addition Prestwick has several dozen small and mid-size pharmaceutical and biotechnology company clients.
Prestwick is co-located with Bionomics’ wholly-owned business Neurofit, and reported revenues for the year to December 2013 of €4.292 million.
Bionomics has agreed to pay €270,000 for the assets.
Bionomics has been an active Prestwick customer since 2009, with Prestwick currently involved in Bionomics’ pain program and previously contracted to work on Bionomics’ BNC375 program.
“Prestwick will continue to provide its existing services and its name will not change," Rathjen said.
"Ownership by Bionomics will bring stability within the board and management and deliver synergies by complementing the existing Bionomics business, cementing the important role of Prestwick in ongoing Bionomics R&D programs.
“The acquisition comes with no debt, but valuable assets including the expertise of its staff in drug innovation and direct channels into a large number of pharmaceutical companies.”
This story was first published on InDaily.