Albany Molecular Research, Icagen Announce New Agreement That Combines Both Companies' Assets

Albany Molecular Research, Inc. AMRI, a drug discovery, development and manufacturing services company, announced on Thursday it has entered into a new agreement with Icagen.

Icagen partners with pharmaceutical and biotechnology companies to offer industry-leading scientific expertise and comprehensive access to technologies for ion channel and transporter drug discovery and development.

As part of the agreement, Albany Molecular's clients and customers will now gain access to Icagen's portfolio of assay tools and technologies for ion channel and transporter research. In return, Icagen's customers will benefit from Albany Molecular's integrated drug discover solutions, including expertise in medicinal chemistry.

"We are excited to be entering into this collaboration with Icagen as we look to provide drug discovery customers access to unique cell lines and emerging technologies that complement our service offerings," said Rory Curtis, Ph.D., Vice President, Discovery Biology and Pharmacology, and Site Head of AMRI Buffalo. "We anticipate that Icagen's expertise in ion channel drug development and their comprehensive portfolio of assay tools will be beneficial to AMRI's drug discovery efforts."

Despite the announcement, shares of Albany Molecular were trading lower by nearly 4 percent late Thursday morning.