A Santa Fe-based molecular design and modeling software firm has been acquired in a deal valued at about $500 million.
Cadence Design Systems Inc. (NASDAQ: CDNS) announced in a news release on Thursday it has completed the acquisition of OpenEye Scientific Software Inc.
The acquisition is expected to contribute immaterial revenue this year and about $40 million in fiscal year 2023, according to the news release.
Going forward, OpenEye Scientific will be known as OpenEye Cadence Molecular Sciences and operate as a business unit under Cadence Design Systems, according to a spokesperson for the newly acquired company.
OpenEye CEO Dr. Anthony Nicholls will become corporate vice president of OpenEye Cadence Molecular Sciences and will lead the business unit. Nicholls will report to Nimish Modi, the senior vice president of marketing and business development for Cadence Design Systems.
Based in San Jose, California, Cadence Design Systems believes the acquisition will extend its core competencies to include molecular modeling and simulations targeted to life sciences. Founded in 1988, the company builds software, hardware and IP that turn concepts into reality, according to its website.
OpenEye Scientific, meanwhile, has built products used by pharmaceutical and biotechnology companies for drug discovery. Its customers include 19 of the top 20 global pharmaceutical companies such as Pfizer and AstraZeneca.
Founded in February of 1997, OpenEye Scientific is headquartered off New Mexico State Road 14. The company employs about 130 people.
