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Albany Molecular Research, Inc. Enters into Agreement to Acquire European Drug Discovery Service Company

01 Feb 2006 - Albany Molecular Research, Inc. announced the signing of a stock purchase agreement to acquire ComGenex, a privately held drug discovery service company in Budapest, Hungary.
 
Founded in 1992, ComGenex provides contract chemistry services to the pharmaceutical and biotechnology industries, and possesses unique technologies for the rational design of chemical libraries for lead generation. Specifically, the company integrates parallel synthesis with computational chemistry to create unique small molecules with drug-like characteristics. The company has also developed novel applications in the areas of chemical genomics and target identification. In 2005, ComGenex generated approximately $8.5 million in contract revenue.
 
Subject to customary closing conditions, the transaction is expected to be completed by the end of the first quarter. The acquisition is expected to be neutral to AMRI's earnings per share in 2006 and accretive beginning in 2007. ComGenex and its subsidiaries currently have 119 employees, including 88 scientific and technical staff. The company's facilities contain approximately 30,000 square feet.