Monday, Jan 7, 1991
Alameda, Calif. -- January 7, 1991 --Genentech, Inc. and Glycomed, Inc. today announced they have signed an agreement for a $15 million research collaboration to develop carbohydrate-based therapeutics in the rapidly emerging field of cell adhesion molecules. The agreement will include research support for an initial three-year period and a significant equity investment by Genentech in Glycomed.
"The agreement represents the first major collaboration under Genentech's new strategy to accelerate promising development programs by obtaining complementary leading-edge technology in partnership with a development-stage company," said G. Kirk Raab, Genentech's president and chief executive officer.
The research program will focus on the burgeoning field of cell adhesion molecules, where recent scientific work has indicated that carbohydrates play a significant role in inflammation and cancer. The research suggests that potentially damaging white blood cells can be blocked, or "inhibited," from reaching healthy body tissue in the process of inflammation. These inhibitors may be potent treatments for many types of cancer and a variety of inflammatory diseases such as rheumatoid arthritis and asthma.
The partnership will bring together Genentech's industry-leading research in cell adhesion molecules involving proteins with Glycomed's pioneering work in carbohydrate-based cell adhesion research -- filling in critical pieces of the cell adhesion puzzle.
Under terms of the agreement, Genentech will develop and market carbohydrate-based products for a broad range of inflammatory diseases in undisclosed areas. Glycomed will retain product rights in selected inflammatory diseases and all anti-cancer applications.
Genentech will develop, manufacture and market products resulting from the agreement in all areas of the world except the Far East, where Glycomed will retain rights to commercialize drugs resulting from the collaboration.
"The partnership with Genentech brings together the complementary research strengths of Genentech in protein molecular biology and Glycomed in carbohydrate biochemistry," said Alan R. Timms, Ph.D., president and chief executive officer of Glycomed. "It validates Glycomed's strategy to develop therapeutics based on biologically-active carbohydrate molecules. With the combined research and business strengths of the partners, and the synergy which this collaboration creates, we believe we have a leading position in this new and exciting field of therapeutic agents."
Genentech, Inc. is a leading biotechnology company focusing on the development, manufacture and marketing of pharmaceuticals produced by recombinant DNA technology.
Glycomed, Inc. is a privately-held company that is developing complex carbohydrates for pharmaceutical applications. The company was formed in 1987 and is headquartered in Alameda, California.
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