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SOFIA (Bulgaria), February 19 (SeeNews) - US-based pharmaceutical company Discovery Life Sciences said that it has acquired Bulgarian peer Sofia Med for an undisclosed price.
Through the acquisition, Discovery Life Sciences gets access to Sofia Med's extensive network of human biospecimen collection sites in Bulgaria, Romania, Poland, and the Czech Republic, the buyer said in a statement last week.
Discovery Life Sciences' expansion in Europe addresses the acute need for discovery, research, and development support services across the continent, the company noted.
"Eastern Europe's clinical, academic, and research communities are seeking expanded opportunities to participate in the rapid growth of research and development of new diagnostics and therapies," Discovery Life Sciences' CEO Glenn Bilawsky said.
In addition to the acquisition of Sofia Med, Discovery Life Sciences also acquired East West Biopharma, which maintains the largest biocollection network in Ukraine.
Following the two acquisitions, Discovery’s clinical network will grow by more than 100 sites, to nearly 280.
Discovery Life Sciences specialises in biospecimen analysis and procurement for the pharmaceutical, biotechnology, and diagnostics industries.
Bulgaria's Sofia Med is 100%-owned by private investor Yoanna Breycheva, according to commercial register data.