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Astex Therapeutics, the Cambridge-based drug discovery firm, has been acquired by SuperGen of the US for up to £75m.

Astex Therapeutics is looking to raise up to £25m of venture capital to fund the expansion of its Cambridge-based drug discovery business.

Astex has announced a multi-million pound collaboration agreement with Boehringer of Germany, which will involve the development of new drugs using Astex's Pyramid technology.

Astex Technology has acquired MetaGen Pharmaceuticals, a spin-out from Schering, and about eight of MetaGen's 40 staff will transfer from Berlin to Cambridge.