20 September 1999 00:00 [Source: ICB Americas]Albany Molecular Research Inc. (AMRI) is acquiring EnzyMed Inc., Iowa City, Iowa, a privately held drug discovery company that uses combinatorial biocatalysis, in a deal valued at nearly $20.6 million. The purchase will be accounted for as a pooling of interests. It will involve the exchange of AMRI common stock for EnzyMed shares in a merger of EnzyMed into AMRI.
EnzyMed will retain its identity as an independent business unit. It will continue as a division of AMRI and develop and market its combinatorial biocatalysis technology for drug discovery. AMRI expects to close the deal in the fourth quarter.
EnzyMed's technology allows the rapid treatment of natural products and synthetic drugs or agrochemical leads with a multitude of enzymes and microbial conditions to create novel derivatives that would otherwise be inaccessible through traditional chemistry. The acquisition expands AMRI's service offerings and strongly complements its combinatorial chemistry, traditional synthesis and metabolite modeling techniques, according to the company.
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