Summary
Cadence Design Systems, Inc. (CDNS) announced the completion of its acquisition of OpenEye Scientific Software Inc. on August 31, 2022. This strategic move integrates OpenEye's advanced computational molecular modeling and simulation software, crucial for drug discovery in the pharmaceutical and biotech sectors, into Cadence's existing offerings. The acquisition was financed through a mix of existing cash reserves and draws from its senior unsecured revolving credit facility.
Key Highlights
- 1Cadence Design Systems has acquired OpenEye Scientific Software Inc.
- 2OpenEye specializes in computational molecular modeling and simulation software for drug discovery.
- 3The acquisition targets the pharmaceutical and biotech industries.
- 4The transaction was completed on August 31, 2022.
- 5Funding for the acquisition came from cash on hand and credit facility borrowings.
- 6This acquisition expands Cadence's capabilities in life sciences and drug discovery markets.