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May 12, 1997updated 05 Sep 2016 12:26pm

OXFORD MOLECULAR TARGETS TWO NEW US ACQUISITIONS

By CBR Staff Writer

Oxford Molecular Group Plc, throwing itself full pelt at its goal of becoming the best drug discovery services company (CI No 2,974) has launched a rights issue for 30.4m pounds to fund two further US acquisitions, Genetics Computer Group Inc, Wisconsin, and MLR Automation Inc of San Francisco. Oxford Molecular has made 5 acquisitions since it went public 3 years ago, and has since failed to make a profit or pay a dividend. Genetics Computer, which develops the Wisconsin Package DNA analysis software, has an estimated 30,000 users. Last year it made $132,000 of pre-tax profit on $3.1m worth of revenue and is being bought for $20m in cash. Three year old MLR Automation brings its CSAP software package to the piece. CSAP deciphers the results of high throughput drug trials, a technique for designing multiple variant drugs that is the equivalent of a blanket bombing approach to drug design, but as a technique it has the advantage of being easy to automate. Oxford is paying $4m for the company, which had sales of $316,000 with pre-tax profits of $77,000. The 1 for 7 rights issue is being offered at 360p per share, representing a discount of 42.5 pence at current prices. Oxford Molecular raised 16m pounds in January 1996 with a similar deal in order to buy PSI International Inc’s chemical informatics division, Health Designs Inc, and the MacVector business of Eastman Kodak Co.

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