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BUSINESS
Genomics companies Hyseq Pharmaceuticals and Incyte Genomics have struck deals to merge with other small companies, continuing a trend among gene sequencing and genomics companies to build integrated product-based businesses (C&EN, Oct. 14, page 25).
Hyseq will exchange about $56 million of its stock for the stock of the pharmacogenomics and molecular diagnostics firm. The new company will be based in Sunnyvale, Calif., with diagnostics development capabilities in Cambridge, Mass. It anticipates having 110 to 120 employees after the merger and enough cash to fund operations through 2004. Similarly, Incyte will pay up to $28.3 million in cash and stock, and a possible $14 million in future milestone payments, to acquire small-molecule drug developer Maxia Pharmaceuticals. The combination, Incyte CEO Paul A. Friedman says, will "accelerate our efforts to build a successful drug discovery and development organization." Incyte just announced it will cut 37% of its 700-person workforce and reduce operations in Palo Alto, Calif., to save $88 million in annual expenses. However, with a greater focus on drug discovery, it will hire 80 to 100 scientists next year. Meanwhile, CuraGen, another leading genomics firm, is reducing its early-stage research and focusing resources on developing its most promising drug candidates. The New Haven, Conn.-based company will cut staff by about 25%, or 128 employees, and has postponed construction of a new R&D facility. |
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