SAN ANTONIO--(BUSINESS WIRE)--CytoBioscience, Inc. has purchased Birmingham, Alabama-based Soluble Therapeutics and will move the company’s operations to its San Antonio location.
The deal closed November 1, according to James Garvin, Chief Executive Officer of CytoBioscience. Details of the multi-million dollar purchase price were not disclosed.
“The Soluble Therapeutics team has created a business offering that aligns very well with our technology and work to positively impact the efforts of drug development enterprises and researchers across the globe,” he said. “This deepens our product offering in the market and also strengthens our scientific team. We look forward to integrating their team and delivering an expanded set of capabilities to the biotechnology and pharmaceutical industries.”
“Combining forces with CytoBioscience will dramatically increase our business, as it will provide additional service opportunities to our existing customers,” said Sharney Logan, Managing Director of Soluble Therapeutics. “Additionally, this transaction will provide new opportunities to expand our technology in global markets. As part of the acquisition, Soluble Therapeutics will also be changing its name to Soluble BioScience to reflect its increased capacities.”
Soluble employs 8 people and the plans are for the company to move to San Antonio within the next year.
About Soluble Therapeutics, Inc.
Soluble Therapeutics, Inc (now Soluble BioScience) was founded in 2008 to commercialize the HSC™ Technology which is licensed from the University of Alabama at Birmingham. The company’s services enhance the drug development process by rapidly optimizing protein solubility and stability.
About CytoBioscience, Inc.
CytoBioscience creates and manufactures devices that represent a convergence of bioscience, nano science, microchip development, algorithms and engineering. The company’s devices allow other researchers, medical institutions and pharmaceutical companies to better understand how human cells react to medicine. CytoBioscience was founded in Germany and moved its headquarters and manufacturing to San Antonio in 2015.