Cadence to Acquire Computational Molecular Design Specialist OpenEye Scientific for USD 500m.
MANews-(C)2009-2022
San Francisco-based electronic systems design company Cadence Design Systems, Inc. (NASDAQ: CDNS) has agreed to acquire New Mexico-based computational molecular design company OpenEye Scientific Software, Inc. for USD 500m, the company said.
Under the terms of the definitive agreement, Cadence will pay approximately USD 500m in cash. The acquisition is expected to contribute immaterial revenue this year and about USD 40m in fiscal 2023. It is expected to close in the third quarter of 2022.
The addition of OpenEye leverages Cadence's computational software expertise into molecular modeling and simulation, focussed on pharmaceutical and biotechnology drug discovery.
OpenEye's technologies accelerates Cadence's Intelligent System Design strategy and expands its total addressable market...
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