Tripos International, a drug discovery informatics company owned by Vector Capital, has completed its take-private acquisition of Pharsight Corp., a Mountain View, Calif.-based maker of drug development software. The total deal was valued at around $57 million in cash, or $5.50 per Pharsight share. Covington Associates advised Pharsight on the deal.
Tripos International, the leading provider of drug discovery informatics products and services, today announced that it has completed the acquisition of Pharsight Corporation, a leader in software, strategic and regulatory services designed to optimize clinical drug development. The transaction, valued at approximately $57 million, moves Pharsight into the Tripos portfolio.
In making the announcement, Tripos’ President and Chief Executive Officer, Jim Hopkins said, “We’re excited to add Pharsight to the Tripos family. By acquiring Pharsight, we expect to provide our customers with important new products, key enabling technologies and scientific expertise, and to expedite the flow of information throughout discovery and development.”
“We’re very pleased to be part of Tripos team,” said Shawn O’Connor, Chairman and Chief Executive Officer at Pharsight. “This acquisition by Tripos means our clients will be better positioned to respond to all aspects of drug discovery, development and commercialization activities. The solutions spectrum is much broader now.”
About Pharsight Corporation
As a Tripos portfolio company, Pharsight Corporation will continue to develop and market integrated products and services that enable pharmaceutical and biotechnology companies to achieve significant and enduring improvements in the development and use of therapeutic products. Pharsight’s goal will continue to be one of helping customers reduce the time, cost and risk of drug development, as well as optimize the post-approval marketing and use of pharmaceutical products.
Pharsight’s approach enhances the fundamental element of drug development success: strong decision-making. By adopting the Pharsight approach, customers acquire a new decision-making process with the potential to systematically improve every level and phase of their business and scientific processes.
About the New Tripos International
Tripos International is a global leader in innovative scientific solutions that enable life science researchers to improve the efficiency of their molecular discovery efforts. Established in 1979, Tripos was the first company to bring scientific computational drug discovery capabilities to the pharmaceutical, chemical and food design industries, and today helps a broad range of companies and research facilities accelerate the identification and optimization of new compounds that have the potential to become new products in the drug, food, flavoring and fragrance markets. Headquartered in St. Louis, Missouri, Tripos International serves more than 1,000 customers spanning over 46 countries. Tripos is wholly owned by Vector Capital, a San Francisco-based private equity boutique specializing in buyouts, spinouts and recapitalizations of established technology businesses. Information about Tripos is available at www.tripos.com.