Structural Bioinformatics Inc. and GeneFormatics Inc. (GFI) have agreed to merge operations. The merger has been approved by the two companies' boards of directors and is subject to final approval from the California Department of Corporations and the shareholders of both companies.
"This merger is driven by the remarkable synergies between SBI and GFI," stated Dr. Edward Maggio, CEO of SBI. "The merged company will have a broader product offering to increase revenues; expanded drug discovery capabilities with a deeper pipeline, including pre-clinical programs in diabetes, anti-infectives, oncology, and inflammation; and adequate capital resources to execute its business plan beyond 2005."
"At a time when most companies only talk of such transactions, we are actually doing it," commented John Chiplin, CEO of GeneFormatics. "It is noteworthy not only for the shareholders and the employees of both companies, but for the biotech industry."
The newly formed entity will remain headquartered in San Diego and the new management team will consist of Edward T. Maggio, Ph.D., CEO; David D. Muth, President and COO; John P. Schmid, CFO and Secretary; and Kal Ramnarayan, Ph.D., Vice President and CSO.