Celera Genomics Acquires MAG's Panther Technology.

Business Editors/Health & Medical Writers

ROCKVILLE, Md.--(BW HealthWire)--Dec. 23, 1999

Celera Genomics (NYSE:CRA), a PE Corporation business, announced today that the company has purchased the Panther(TM) technology from Molecular Applications Group (MAG), Palo Alto, Calif.

Panther is a powerful software tool designed for rapid and accurate determination of gene and protein function. Panther's software is focused in two key areas -- remote homolog detection and protein function classification. As part of the agreement, a key group of bioinformatics experts who developed the Panther technology will transfer to Celera.

As Celera continues sequencing the human genome, an important next step is the understanding of both gene and protein function. The sophisticated Panther algorithms developed by MAG scientists allow Celera's subscribers access to crucial information derived from the genomic sequencing data.

This should ensure that medically significant gene targets are chosen, potentially reducing the time and cost of drug development. Using evolutionary analysis across species, Panther technology provides a very accurate classification of protein function.

"Panther can be used to create libraries of protein families for medically important targets, identify key residues involved in their function, and predict the function of orphan targets. The addition of this technology, along with key members of the MAG research team, will complement the impressive bioinformatics team assembled at Celera, and strengthen our ability to build value added data-mining capabilities for our customers," said Anthony Kerlavage, Ph.D., senior director of bioinformatics resources.

"We are very happy about the sale of Panther to Celera, which recognizes the value of our protein function prediction technology. One of our major goals was to get this technology into the hands of a company like Celera, which is seen as a clear leader in the genomics arena," said Debbie Yu, M.D., MAG's acting president and CEO.

PE Corporation currently comprises two operating groups. Celera Genomics Group, headquartered in Rockville, Md., intends to become the definitive source of genomic and related medical information. PE Biosystems Group, headquartered in Foster City, Calif., and with sales of $1.2 billion during fiscal 1999, develops and markets instrument-based systems, reagents, software, and contract related services to the life science industry and research community.

Information about the company, including consolidated financial statements of PE Corporation, is available on the World Wide Web at http://www.pe-corp.com or by phoning 800/762-6923.

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," "anticipate," "should," "planned," "estimated," and "potential," among others. These forward-looking statements are based on PE Corporation's current expectations. 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, PE 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 that may affect the operations, performance, development, and results of Celera Genomics' businesses include but are not limited to (1) early stage of operations and uncertainty of operating results; (2) no precedent for Celera Genomics' business plan; (3) uncertainty of sequencing strategy; (4) uncertainty of successful operation of new sequencers and sequencing operations; (5) uncertainty of value of polymorphism data; (6) initial reliance on pharmaceutical industry; (7) high dependence on key employees; (8) uncertain protection of intellectual property and proprietary rights; (9) adverse effect of public disclosure of genomic sequence data; (10) highly competitive business; (11) need to manage rapid growth; (12) uncertainty of success of Year 2000 compliance plan; and (13) other factors that might be described from time to time in PE Corporation's filings with the Securities and Exchange Commission.