CombiChem and Sumitomo Establish Drug Discovery and Development Collaboration.
Under the terms of the collaboration, CombiChem will receive an up-front payment, research support and milestone payments. Sumitomo has exclusive global rights to develop and market or sub-license products resulting from the collaboration. CombiChem will be entitled to royalties on sales of products. Anticipated cumulative payments to CombiChem from this collaboration, including fees and milestones, but excluding royalties, approximate $17 million.
CombiChem will utilize its Discovery Engine(TM) for Sumitomo's Lead Evolution requirements. Lead Evolution is the process of using existing information regarding a lead compound to identify different structural series which can provide other development options or an enhanced patent position. This Lead Evolution expertise is the key capability differentiating CombiChem from its competitors.
CombiChem's Discovery Engine(TM) is at the core of every Lead Optimization, Evolution and Generation partnership. The Discovery Engine(TM) uses an iterative approach in discovery projects, combining the Company's proprietary software for hypothesis generation, structurally novel computer-based Virtual Library and rapid syntheses capability.
"We are pleased to have this opportunity to establish a collaboration with Sumitomo to work on an exciting target utilizing our Lead Evolution capabilities," stated Vicente Anido, Jr., Ph.D., CombiChem's president and chief executive officer.
Masayasu Takeuchi, president of Sumitomo Pharmaceuticals Co., Ltd., stated, "We have selected CombiChem as our drug discovery partner following extensive due diligence based on CombiChem's latest technology both in the design of chemical libraries and in synthesis among combinatorial chemistry-related companies.
"Sumitomo expects that its exploratory research on anti-arthritis agents can be accelerated through this research collaboration. Sumitomo also expects that other exploratory research programs of Sumitomo can be effectively and rapidly achieved with this combinatorial chemistry technology from CombiChem, Inc."
CombiChem, Inc., a privately held company based in San Diego, accelerates lead discovery through the integration of proprietary molecular design and rapid synthesis with chemistry expertise. Customers benefit from the acceleration of compound time to market, amplification of current R&D resources, and enhancement of patent strength, while maximizing the probability of development success. In addition to this collaboration with Sumitomo, CombiChem has partnerships with Teijin, Limited of Japan and Roche Bioscience.
Sumitomo Pharmaceuticals, based in Osaka, was formed in 1984 through the merger of Sumitomo Chemicals' pharmaceutical divisions and Inabata & Co. The company has integrated functions in research development, manufacturing and sales and has occupied a firm position in the Japanese pharmaceuticals market.
As to foreign markets, though Sumitomo has licensed its technology thus far, it is gradually increasing its activities in overseas markets through starting clinical development of its original compound in Europe and expansion of export to Asian countries.
Vince Anido, Jr., 619/530-0484
Susanne Friestedt, 619/223-8844
Keiichi Kadota, 212/572-8260
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|Date:||Aug 4, 1997|
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