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Thursday, October 5, 2023
HomeBusinessCadence Acquires Open Scientific for $500 Million; Plans on Bringing its Computational...

Cadence Acquires Open Scientific for $500 Million; Plans on Bringing its Computational Prowess to Pharmaceutical Space

There are many different things that help human beings in standing out, but nothing really does the job quite like our tendency to grow on a consistent basis. You see, when an individual can grow under all options, what happens is that they end up giving themselves a fair shot at some huge milestones along the way. This is proven well by whatever we have achieved so far, with one very important piece of testimony coming from a creation called technology. Now, while the reason behind technology’s emergence being so important is largely predicated upon its unprecedented skill-set, we must also credit the manner in which it used those skills to impact an entire spectrum, including the crucial area of healthcare. In fact, technology’s link-up with healthcare couldn’t have come at a better time, considering how badly the sector was struggling to hold up against an outright obsolete structure. Fortunately, though, this dynamic was altered on the back of new and smarter ideas, but even after that happened, the famous medtech concept continued bringing more and more to the table. The same pattern, looking at one recent acquisition, should only get stronger moving forward.

Cadence Design Systems, a company that provides computational technologies used in sectors such as communications, automotive, and aerospace and defense, is now officially a part of the drug discovery space, entering the discipline through a whopper $500 million acquisition of OpenEye Scientific. According to certain reports, the hope is that OpenEye’s deep pharmaceutical experience will bolster Cadence’s Intelligent System Design strategy. This, on a granular level, will include educating the company’s technology on how to apply proven algorithmic, simulation and solver advances to life sciences. The stated operation will be likely managed by OpenEye proprietary platform, Orion, which is known for its reliable performance in regards to computational molecular modeling and simulation. Mind you, it already serves various pharmaceutical giants such as Pfizer, AstraZeneca, and many others.

“Drug discovery is an increasingly complex process that requires significant investment in research and development,” said Dr. Anirudh Devgan, president and CEO of Cadence. “The pending acquisition of OpenEye, with its scientifically tested methodologies and expertise, accelerates Cadence’s Intelligent System Design strategy with our entry into a new system domain of life sciences. Cadence’s deep computational software expertise drives further innovation in algorithms that enhance the reliability, efficiency and speed of molecular simulations.”

Reported to be an all-cash deal, the acquisition is expected to close in the third quarter of 2022.


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