Bayer Corporation and Millennium Pharmaceuticals Share Award for Creating `Breakthrough Alliance of the Year' in Biotechnology Industry.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BW HealthWire)--May 19, 1999-- Award Presented at Allicense 99 Conference Sponsored by Recombinant Capital and WSGR WSGR Wilson, Sonsini, Goodrich and Rosati (Palo Alto, CA law firm) WSGR Water Gas Shift Reaction A novel partnership between Bayer Corporation and Millennium Pharmaceuticals Millennium Pharmaceuticals NASDAQ: MLNM is a biotechnology company based in the Cambridge, Massachusetts area of the United States of America. Founded in 1993, the company conducts research in various scientific areas, currently focusing on inflammation and oncology. using genomics to develop new drug targets has been voted the "Breakthrough Alliance of the Year" by biotechnology industry executives. The award was presented at the Allicense 99 conference, a gathering of the key executives responsible for alliance negotiations in the biotechnology and pharmaceutical industries. The annual industry conference, held April 27 and 28 in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , was co-sponsored by Recombinant Capital and Wilson Sonsini Goodrich & Rosati (WSGR). More than 300 senior industry executives attended. "There were five deals nominated for Breakthrough Alliance of the Year, and all were special relationships that showed significant industry leadership," said Mark Edwards
Mark Edwards is the current host of the The Wake Up America, Sunday nights from 10:00 p.m. - 12:00 a.m. for KFNX-AM 1100 Phoenix, AZ. , Managing Director of Recombinant Capital. "The defining characteristics of the Bayer/Millennium Small Molecules Genomics Alliance were that they broke new ground both in the pricing and the sharing of outcomes of a drug discovery program. The alliance involves a new production-oriented approach to rapidly moving compounds from genomic research to clinical trials," Edwards added. As part of the deal, Bayer paid Millennium $33 million upfront and made a $97 million equity investment in Millennium. Future payments include $219 million to fund research and $116 million in performance payments for the delivery of 225 drug targets in areas including cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease , oncology and viral infections. Bayer will have first choice to select drug targets for its exclusive use, while the remainder will stay with Millennium for its own drug development efforts. Other nominees were Eli Lilly Eli Lilly can refer to:
PDE Plug-In Development Environment PDE Partial Differential Equation PDE Phosphodiesterases PDE Personal Digital Entertainment PDE Pulse Detonation Engine PDE Product Data Exchange PDE Present-Day English 5 Joint Venture; Eli Lilly and Ligand Pharmaceuticals for their Metabolic Disease metabolic disease, n a disorder that causes dysfunction of the metabolic action of the body, resulting in loss of control of homeostasis. paraneoplastic syndrome Collaboration; SmithKline Beecham and Coulter Pharmaceuticals for their Bexxar Alliance; and Wyeth Lederle Vaccines and Aviron for their FluMist Alliance. The conference organizers chose the five nominated alliances. Eligible voters included pharmaceutical and biotechnology licensing executives, regardless of whether they planned to attend the conference. Hundreds of ballots were distributed. "The vibrancy of Allicense 99 showed once again the inherent strength of the biotechnology industry," said J. Casey McGlynn, chairman of the Life Sciences Group at WSGR and co-host of the conference. "At its core, biotechnology is about discovering and commercializing important new products that will improve healthcare. The attendees at Allicense 99 will have a great deal to do with finding those products and bringing them to market," he added. About WSGR Based in Palo Alto, Wilson Sonsini Goodrich & Rosati specializes in representing high technology companies in all stages of growth. The Life Sciences Group includes medical devices and equipment, instrumentation, pharmaceuticals, biotechnology and health care services. The firm's more than 525 lawyers regularly advise more than 300 public companies and 3,000 emerging growth companies, as well as the venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] and investment banks that support them. About Recombinant Capital Recombinant Capital (ReCap) is a San Francisco-based consulting firm specializing in biotechnology alliances and capitalization. ReCap's mission is to ensure availability of adequate resources for deserving biotechnology enterprises by providing comprehensive and timely advice and analysis related to the environment for corporate and product development and alliance formation. ReCap's clients include more than 150 biotechnology and pharmaceutical companies, plus several universities, investment banking and venture firms active in the biotechnology area. |
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