Hungarian drug discovery service company ComGenex Rt announced on Wednesday it has taken the name of its new parent company Albany Molecular Research (AMRI) and it will go on as AMRI Hungary Zrt.
AMRI signed the contract to buy ComGenex at the end of January 2006, and closed the transaction on March 1, paying $11 million for the company, according to industry insiders. In its first-quarter report, AMRI said ComGenex contributed $500,000 to its first-quarter contract revenue from discovery services. ComGenex had revenue of $8.5 million in 2005 and targeted an increase of at least 10% this year. AMRI had total revenue of $36.2 million in Q1 2006, including $8.4 million contract revenue from discovery services.
AMRI is a global drug discovery company that provides chemistry services to pharmaceutical and biotechnology companies and conducts its own proprietary R&D programs. Its shares are traded on the NASDAQ.