Abbott Laboratories And Celera Genomics Announce Cancer Therapeutics Collaboration
ABBOTT PARK, IL and ROCKVILLE, MD - July 07, 2004
Abbott Laboratories and Celera Genomics Group, an Applera Corporation business, today announced the formation of a strategic collaboration to discover, develop and commercialize therapies for the treatment of cancer. The collaboration will encompass the development of therapeutic antibodies and small molecule drugs against over-expressed cell-surface proteins that have been associated with cancer and validated as therapeutic targets through proteomics research at Celera Genomics.
This collaboration links complementary elements of each company by pairing Celera Genomics' proteomics and target discovery efforts with Abbott's drug research, development, manufacturing and commercialization expertise. Abbott brings to the collaboration a full range of research capabilities and specific technology platforms, including expertise in RNAi for target validation, discovery of therapeutic small molecules and antibodies, preclinical and clinical development, process design and manufacturing and global distribution. Celera Genomics will contribute a subset of the cell-surface antigens that it has identified and validated through its ongoing proteomic studies in a number of solid tumors.
"This collaboration is another important strategic step in Abbott's oncology research program," said Jeffrey M. Leiden, M.D., Ph.D., president and chief operating officer, Pharmaceutical Products Group, Abbott Laboratories. "By combining Celera's leading-edge capabilities in proteomics and target discovery with Abbott's expertise in both small molecules and biologics, we believe that we will be able to deliver effective new therapies for the patients fighting certain cancers."
"This collaboration demonstrates the potential value of Celera's therapeutic targets and technology to industry leaders such as Abbott. It represents an important milestone toward our goal of developing a pipeline of targeted therapies to address unmet medical needs in oncology," said Kathy Ordoñez, president, Celera Genomics. "Abbott's strong commitment to both antibody technology and small molecule drugs, coupled with its ability to bring products to the global market, make it an excellent therapeutic partner for Celera Genomics."
Under the terms of the agreement, a number of protein antigens identified and validated by Celera Genomics will be screened by Abbott. Any of these antigens may be selected for further research by Abbott to identify therapeutics for subsequent preclinical development. Abbott and Celera Genomics may elect to jointly fund clinical development and commercialization of the resulting therapeutic products and would then share any financial returns resulting from commercialization. Abbott has responsibility for the commercialization of jointly funded collaboration products. If either party does not elect to jointly fund clinical development of a resulting product, the terms will revert to a milestone and royalty structure. In addition, Celera Genomics will receive additional payments from Abbott, contingent on the successful completion of certain preclinical milestones. Celera Diagnostics, a joint venture between Celera Genomics and the Applied Biosystems Group (NYSE:ABI) of Applera, retains certain diagnostic rights associated with selected targets. Other terms of the agreement were not disclosed.
About Celera Genomics and Applera Corporation
Applera Corporation consists of two operating groups. The Celera Genomics Group, located in Rockville, MD, and South San Francisco, CA, is engaged principally in integrating advanced technologies to discover and develop new therapeutics. Celera intends to leverage its proteomic, bioinformatic, and genomic capabilities to identify and validate drug targets, and to discover and develop new therapeutics. Its Celera Discovery SystemTM online platform, marketed exclusively by Applied Biosystems, is an integrated source of information based on the human genome and other biological and medical sources. The Applied Biosystems Group (NYSE: ABI) serves the life science industry and research community by developing and marketing instrument-based systems, consumables, software, and services. Applied Biosystems is headquartered in Foster City, CA, and reported sales of $1.7 billion during fiscal 2003. Celera Diagnostics, a 50/50 joint venture between Applied Biosystems and Celera Genomics, is focused on discovery, development, and commercialization of novel diagnostic products. Information about Applera Corporation, including reports and other information filed by the company with the Securities and Exchange Commission, is available at www.applera.com, or by telephoning 800.762.6923. Information about Celera Genomics is available at www.celera.com.
Applera Forward-Looking Statement
Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as "believe," "expect," "intend," "anticipate," "should," "planned," and "potential," among others. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Applera Corporation notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties include but are not limited to: (1) unproven ability of Abbott Laboratories and Celera Genomics to successfully manage and operate the collaboration; (2) uncertain suitability of cell surface proteins discovered by Celera Genomics as targets for small molecule drugs or therapeutic antibodies; (3) the risk that products developed under this collaboration if any, will not advance as anticipated, or may not receive required regulatory clearances or approvals; (4) the uncertainty that collaboration products will be accepted and adopted by the market, including the risk that that these products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for these products from third party payors such as private insurance companies and government insurance plans; and (5) other factors that might be described from time to time in Applera Corporation’s filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Applera does not undertake any duty to update this information, including any forward-looking statements, unless required by law.
Abbott Laboratories is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 55,000 people and markets its products in more than 130 countries. Abbott's news releases and other information are available on the company's Web site at www.abbott.com.
Private Securities Litigation Reform Act of 1995 — A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for the purposes of the Private Securities Litigation Reform Act of 1995. We caution that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated. Economic, competitive, governmental, technological and other factors that may affect Abbott’s operations are discussed in Exhibit 99.1 of our 2003 Annual Report on Securities and Exchange Commission Form 10-K, and are incorporated by reference. We undertake no obligation to release publicly any revisions to forward-looking statements as the result of subsequent events or developments.
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