Albany Molecular Research buys ComGenex

USA-based drug discovery group Albany Molecular Research has signed a stock purchase agreement to acquire ComGenex, a privately-held drug discovery service firm based in Budapest, Hungary. According to AMR, ComGenex possesses unique technologies for the rational design of chemical libraries for lead generation, integrating parallel synthesis with computational chemistry to create unique small molecules with drug-like characteristics. Subject to customary closing conditions, the transaction is expected to be completed by the end of the first quarter and is expected to be neutral to AMR's earnings per share in 2006 and accretive from 2007.