Cadence completes OpenEye Scientific acquisition

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Cadence Design Systems has completed the acquisition of OpenEye Scientific Software.

The addition of OpenEye’s technologies and experienced team will help to accelerate the Cadence Intelligent System Design strategy by extending its computational software core competency to molecular modelling and simulation that is targeted to life sciences.

OpenEye is an industry leader in computational molecular design and has pioneered physics-based approaches and the cloud-native Orion software platform. Its products are used by pharmaceutical and biotechnology companies for drug discovery, and its customers include 19 of the top 20 global pharmaceutical companies such as Pfizer and AstraZeneca.

The acquisition will allow pharmaceutical and biotechnology companies to benefit from more robust drug discovery solutions that combine OpenEye’s molecular modelling and simulation software solutions for drug discovery with Cadence’s algorithmic and solver expertise, efficient large data management infrastructure, and AI/ML and cloud solutions.

The deal is said to value OpenEye at $500 million.