Albany Molecular Research, Inc. has signed 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 pharma and biotech industries, integrating 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.
Albany Molecular Research, Inc. chairman, president and chief executive officer Thomas E. D'Ambra, Ph.D. said, "The acquisition of ComGenex further expands AMRI's global chemistry services platform. Very importantly, this combination creates an immediate presence in Europe in a EU member state with a significantly lower cost structure than Western European countries, while maintaining access to a comparable talent pool not only in Hungary, but all of Europe and neighboring regions. The combination with ComGenex provides an opportunity for cross selling AMRI's many existing strong services, adds strength to our product offerings, and establishes a base for expansion in Budapest of other AMRI technologies not currently offered at this location. Along with AMRI's offerings in the U.S., Singapore and India, this move represents another step in the diversification and globalization of AMRI's brand among technologies, geographic access and a range of different cost structures."