Glyko Biomedical Ltd. Announces That BioMarin Pharmaceutical Inc. Subsidiary Glyko, Inc. Has Acquired Biochemical Reagent Business from Oxford GlycoSciences Plc.
NOVATO, Calif.--(BW HealthWire)--May 3, 1999--
Glyko Biomedical bi·o·med·i·cal
1. Of or relating to biomedicine.
2. Of, relating to, or involving biological, medical, and physical sciences. Ltd. announced today that Glyko, Inc., a subsidiary of BioMarin Pharmaceutical BioMarin Pharmaceutical (NASDAQ: BMRN) is a biotechnology firm based in Novato, California. It has offices and facilities in both the US and Europe. BioMarin's core business and research is in enzyme replacement therapies. Inc., has acquired key assets of the Biochemical Research Reagent Division of Oxford GlycoSciences Plc. (LSE LSE - Language Sensitive Editor :OGS OGS Office of General Services (New York State)
OGS Office of Graduate Studies
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Glyko Biomedical, a co-founder and a 41.7% owner of BioMarin, sold Glyko, Inc. to BioMarin in October 1998. The acquisition increases Glyko, Inc.'s product offerings, reinforcing its role as a leading provider of carbohydrate-related research reagents, processing enzymes and analytic products and systems.
Glyko Inc.'s asset purchase agreement with Oxford is valued from $1.5 to $2.1 million, depending on the future sales of the acquired products.
Brian Brandley, Ph.D., Managing Director, Glyko, Inc., stated, "Through this agreement, we have acquired a complementary line of important carbohydrate-based products, that will expand our product offerings and widen our customer base, particularly in the European market. Moving forward, we are committed to further expanding our product line and to providing high quality service and support to both our existing and new customers."
"We are delighted by the purchase of our research reagent business by Glyko Inc., and are confident that the agreement will ensure continued comprehensive service to our existing customers, with little or no disruption during the transition," said Paul Triniman, chief financial officer, Oxford GlycoSciences.
"The purchase will allow us to focus efforts on the core aspects of the business, namely the commercialization of our protein characterization technologies to discover disease-specific proteins. This acquisition comes at an optimal time, following receipt of two key patents on our proteomics technologies at the beginning of this year and our collaboration with Quintiles Quintiles Transnational Corp. is a contract research organization which serves the pharmaceutical, biotechnology and healthcare industries. History
Quintiles was founded in 1982 by Dennis Gillings and as of 2007 it has 18,000 employees. Toxicology/Pathology Services."
Glyko Biomedical Ltd. has concentrated its investments in BioMarin, an integrated business in the analytical, diagnostic and therapeutic applications of carbohydrate active enzymes. Glyko Biomedical's principal asset is its 41.7% ownership of BioMarin's outstanding capital stock.
BioMarin Pharmaceutical Inc. is a privately-held biopharmaceutical company specializing in the discovery, development and commercialization of carbohydrate enzyme therapeutics. Since inception in 1997, BioMarin has applied its proprietary enzyme technology to the development of products in five therapeutic areas: genetic diseases, burn and wound care, fungal infections Fungal infections
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With the acquisition of Glyko, Inc., BioMarin added analytical and diagnostic products and services in the area of carbohydrate biology.
Glyko Inc.'s focus is on three areas: 1) the manufacture and sale of carbohydrate analysis tools for pharmaceutical and life sciences researchers, 2) the development of diagnostic tests for lysosomal storage diseases lysosomal storage diseases A heterogeneous group of diseases with specific lysosomal enzyme defects. Cf Inborn errors of metabolism. , osteoporosis and measurement of blood heparin heparin (hĕp`ərĭn), anticoagulant produced by cells in many animals. A polysaccharide, heparin is found in the human body and occurs in greatest concentration in the tissues surrounding the capillaries of the lungs and the liver. , and 3) the development of recombinant enzymes for research, pharmaceutical and industrial uses.
This press release contains forward-looking statements about the business prospects of Glyko, Inc. including product line, service levels and customer base. Results may differ materially depending on the future market for Glyko's products, decisions of customers, and the actions of competitors.