Glyko Biomedical Ltd. Announces That BioMarin Pharmaceutical Inc. Subsidiary Glyko, Inc. Has Acquired Biochemical Reagent Business from Oxford GlycoSciences Plc.
Glyko Biomedical Ltd. announced today that Glyko, Inc., a subsidiary of BioMarin Pharmaceutical Inc., has acquired key assets of the Biochemical Research Reagent Division of Oxford GlycoSciences Plc. (LSE:OGS).
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 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, pro-fertility and inflammation (psoriasis).
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, osteoporosis and measurement of blood heparin, 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.
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|Date:||May 4, 1999|
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