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EXHIBIT 99
PHARMACOPEIA COMPLETES ACQUISITION OF OXFORD MOLECULAR GROUP'S SOFTWARE
SUBSIDIARIES
PRINCETON, N.J., Sept. 6 /PRNewswire/ -- Pharmacopeia, Inc. (Nasdaq: PCOP -
news) today announced that it has completed its acquisition of the software
subsidiaries of Oxford Molecular Group ("OMG").
"We are excited to have completed this acquisition and look forward to a rapid
and successful integration process," said Joseph A. Mollica, Ph.D.,
Pharmacopeia's Chairman, President and CEO. "The scientific products and
technologies that we have acquired from Oxford Molecular will enhance and
complement our existing drug discovery and chemical development solutions. Of
particular interest is the GCG product line, which is a recognized leader in the
large and growing fields of bioinformatics and gene sequence analysis. We are
also excited about the RS3 products that augment and complement our existing
cheminformatics tools. Collectively, these products will better enable our
customers to collect, analyze and make productive use of the abundant biological
and chemical data emerging from today's drug discovery efforts. With the
addition of these assets and the more than 120 highly skilled OMG employees to
our team, we are confident that we can continue to accelerate the drug discovery
and chemical development needs of our customers."
Pharmacopeia originally announced its intention to acquire OMG's software
subsidiaries on August 9, 2000. Pharmacopeia paid approximately $27 million,
comprised of cash and the assumption of certain liabilities, and accounted for
the transaction using the purchase method of accounting.
Pharmacopeia (www.pharmacopeia.com) is a leader in enabling science and
technology that accelerates drug discovery and chemical development.
Pharmacopeia's Software segment, which includes MSI, Synopsys Scientific
Systems, and the newly acquired bioinformatics and cheminformatics subsidiaries
from Oxford Molecular Group, develops and commercializes molecular modeling,
simulation and informatics software and services. Pharmacopeia's Drug Discovery
Services segment integrates proprietary small molecule combinatorial chemistry,
high-throughput screening and informatics to accelerate its customers' drug
discovery efforts. The software technologies and drug discovery services are
integrated to support: 1) software sales and systems integration services for
pharmaceutical, biotechnology, and chemical research, and 2) lead identification
and optimization for drug discovery. Pharmacopeia employs approximately 675
people, generated 1999 revenues of approximately $104 million, and is
headquartered in Princeton, NJ. Major regional operations are in San Diego, CA
and Cambridge, England.
When used anywhere in this document, the words "expects," "believes,"
"anticipates," "estimates" and similar expressions are intended to identify
forward-looking statements. Pharmacopeia has based these forward-looking
statements on its current expectations about future events. Such statements are
subject to risks and uncertainties including, but not limited to, the successful
implementation of Pharmacopeia's new strategic plan, the acceptance of new
products, the obsolescence of existing products, the resolution of existing and
potential future patent issues, additional competition, changes in economic
conditions, and other risks described
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in documents Pharmacopeia has filed with the Securities and Exchange Commission,
including its most recent report on Form 10-K and subsequent reports on Form
10-Q. All forward- looking statements in this document are qualified entirely by
the cautionary statements included in this document and such filings. These
risks and uncertainties could cause actual results to differ materially from
results expressed or implied by forward-looking statements contained in this
document. These forward-looking statements speak only as of the date of this
document. Pharmacopeia disclaims any undertaking to publicly update or revise
any forward-looking statements contained herein to reflect any change in its
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
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