LONDON (Alliance News) - Drug discovery and development company C4X Discovery Holdings PLC on Tuesday said it has acquired genetic technology platform provider Adorial Ltd for GBP1.7 million.
C4X will issue 1.5 million shares at 106.00 pence per share to cover the consideration for the deal. C4X shares were untraded on Tuesday morning, having last traded at 103.00p.
Adorial has developed the Taxonomy3 genetic technology a mathematical tool design to increase the probability of success when developing small molecule drugs.
Alun McCarthy and Olivier Delrieu, the founders of Adorial, will both join C4X with immediate effect.
"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 C4X Executive Chairman Clive Dix.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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