DRUG discovery company Oxford Molecular is being bought up by an American firm in an 18m deal, writes David Duffy.

The group, which employs about 60 people at the Oxford Science Park, is being taken over by a subsidiary of the US firm Pharmacopeia. The company name will be changed to OM 2000 PLC.

A spokesman for the firm said he hoped the new owner would keep on the Oxford staff.

He said: "Pharmacopeia are a go-ahead company and we believe that the company is going to a good home. They will be familiarising themselves with the company and staff in the coming weeks and regretfully there may be a few that have to go, but we just don't know."

The move is expected to be given the go-ahead by an extraordinary general meeting of shareholders.

For the 12 months ended December 31, 1999, the group, which has bases in Oxford and America, reported an operating loss of 10.1m and turnover of 11.3m.

Last month the firm sold the Discovery Solutions Division to Millennium Pharmaceuticals, Inc for about 33.5m. Last month Dr Allan Marchington resigned as a director and his brother Dr Anthony Marchington served notice of termination of his employment with two years' notice.