Cadence acquires computational molecular design company OpenEye Scientific for $500M
Maksim Labkouski         

Cadence Design Systems (NASDAQ:CDNS) on Monday said it will acquire privately-held OpenEye Scientific Software, a company providing molecular modeling and simulation software used by pharmaceutical and biotech companies, for about $500M.
As per the terms of the deal, CDNS will pay ~$500M in cash.
The deal is expected to add about $40M revenue in fiscal 2023 and will close in Q3 2022.
CDNS said OpenEyeâs products are used by pharmaceutical companies globally - including Pfizer (PFE) and AstraZeneca (AZN) - as well as numerous biotechnology companies and academic institutions.
CDNS stock opened lower.