UCB (Union Chimique Belge), a Belgium-based multinational biopharmaceutical company, recently announced that it has acquired a small-scale biotechnology spinout Element Genomics based in North Carolina. It has been reported that the total cost of transaction will amount to USD 30 million inclusive of the upfront & short-term success-based milestone payments.
Dhavalkumar Patel, UCB’s Chief Scientific Officer, while speaking about the deal, was quoted stating that driven by a strong scientific team, Element Genomics’ expertise in epigenomic and genomics will complement Union Chimique Belge in terms of expanding its research and development of targeted therapies. He further added that the company is excited and looking forward to work conjointly with the Element Genomics research team.
Analysts deem that Element’s proven technological expertise will strengthen UCB’s target discovery & interpretation and scientific research platform in turn enriching the Belgium company’s pipeline in the global biotechnology market.
For the uninitiated, Element Genomics is a spinout from the Duke university which has been gaining momentum in the biotechnology market, owing to its popular CRISPR editing technology for epigenetic and genomic regulatory region analysis & modulation.
Element Genomics CEO John Oxaal, affirmed that the company is thrilled to share the same vision with Union Chimique Belge for treating disease through information gained via functional genomics and the largely untapped biology of the epigenome.
Sources reveal that Element Genomics’ team will work closely with UCB’s researchers and will continue to be based in downtown Durham, North Carolina.
UCB’s Chief Strategy Officer, Alexander Moscho, revealed that this acquisition is a perfect fit for the firm’s expansion strategy that seeks to secure ties with the best industry partners to collaborate in key scientific areas. In continuation, he stated that such tactics have in fact aided the company in maintaining a dynamic pipeline of cutting-edge programs, while delivering maximum value to patients.