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Albany Molecular closes ComGenex acquisition

US-based Albany Molecular Research Inc (AMRI), a chemistry-based drug discovery, development and manufacturing company, announced on Wednesday it had closed the purchase of Hungary's ComGenex Rt, a privately-owned drug discovery service company. AMRI paid $11 million for the company, according to market sources. AMRI signed the contract to purchase ComGenex on January 30.  

US-based Albany Molecular Research Inc (AMRI), a chemistry-based drug discovery, development and manufacturing company, announced on Wednesday it had closed the purchase of Hungary's ComGenex, a privately-owned drug discovery service company. AMRI paid $11 million for the company, according to market sources. AMRI signed the contract to purchase ComGenex on January 30.

 

ComGenex CEO László Ürge will remain head of the company, however Michael A Guaciaro was appointed president of the board, replacing Ferenc Darvas. Ürge said AMRI aims to turn ComGenex into its base in the EU, adding that the deal would strengthen ComGenex's already notable presence on the biotech market of the Central-East-European region. “The completed acquisition provides AMRI with an immediate presence in Europe. In combination with AMRI's facilities in the U.S. and Asia, the acquisition enhances the company's ability to offer a range of flexible services and cost models and provides a hub from which to establish additional relationships with European pharmaceutical and biotechnology companies,” AMRI said on its website.

 

ComGenex had revenue of $8.5 million in 2005. This year the company targeted a 10% revenue increase, but it could well exceed the target with the help of its new owners. The company could also boost its number of employees from the current 119, including 88 scientific and technical staff. ComGenex earlier planned to go public, and became a member of the Budapest Stock Exchange's "Listable Companies Club" in 2003.