Plexxikon/Wyeth Collaboration
October 28, 2004: "Plexxikon and Wyeth Collaborate to Develop Novel Treatments for Diabetes and Metabolic Disorders
Berkely, CA (October 28, 2004) — Plexxikon today announced the formation of a multi-product collaboration with Wyeth Pharmaceuticals, a division of Wyeth (NYSE:WYE). The collaboration is focused on the development of Plexxikon’s clinical lead, PLX204, as well as several other novel small molecule drugs targeting the PPAR family of nuclear receptors, for the treatment of type 2 diabetes and other metabolic disorders.
“Wyeth has the discovery, development and commercialization capabilities to leverage our PPAR product opportunities and discovery assets. Wyeth’s extensive pharmaceutical development experience, as well as the company’s desire to build a strong presence in metabolic disease, makes them the perfect partner for Plexxikon,” said K. Peter Hirth, Ph.D., chief executive officer of Plexxikon. “Plexxikon’s Scaffold-Based Drug Discovery™ platform is particularly well-suited to the development of multiple, distinct PPAR drugs addressing the medical need in the treatment of diabetes and metabolic syndrome.”
“Wyeth is entering into this collaboration with Plexxikon as a key step in our strategy to expand our efforts in the development of new drugs for diabetes and other metabolic disorders. Plexxikon’s PPAR pan-agonist drug PLX204 has the potential to address the regulation of cholesterol and glucose levels along with an improved safety profile, all in one medicine,” said Frank Walsh, Ph.D., senior vice president and head of discovery, Wyeth Research.
Under the terms of the agreement, Plexxikon will receive payments of over $22 million, including an upfront license fee and multi-year research funding. Additionally, Plexxikon may earn further milestone payments totaling nearly $350 million related to the successful development and commercialization of potential products emerging from the collaboration. Plexxikon also will receive royalties on future product sales. Wyeth also will provide a loan to fund Plexxikon’s share of clinical development under a co-development and co-funding option for any collaboration product."
Berkely, CA (October 28, 2004) — Plexxikon today announced the formation of a multi-product collaboration with Wyeth Pharmaceuticals, a division of Wyeth (NYSE:WYE). The collaboration is focused on the development of Plexxikon’s clinical lead, PLX204, as well as several other novel small molecule drugs targeting the PPAR family of nuclear receptors, for the treatment of type 2 diabetes and other metabolic disorders.
“Wyeth has the discovery, development and commercialization capabilities to leverage our PPAR product opportunities and discovery assets. Wyeth’s extensive pharmaceutical development experience, as well as the company’s desire to build a strong presence in metabolic disease, makes them the perfect partner for Plexxikon,” said K. Peter Hirth, Ph.D., chief executive officer of Plexxikon. “Plexxikon’s Scaffold-Based Drug Discovery™ platform is particularly well-suited to the development of multiple, distinct PPAR drugs addressing the medical need in the treatment of diabetes and metabolic syndrome.”
“Wyeth is entering into this collaboration with Plexxikon as a key step in our strategy to expand our efforts in the development of new drugs for diabetes and other metabolic disorders. Plexxikon’s PPAR pan-agonist drug PLX204 has the potential to address the regulation of cholesterol and glucose levels along with an improved safety profile, all in one medicine,” said Frank Walsh, Ph.D., senior vice president and head of discovery, Wyeth Research.
Under the terms of the agreement, Plexxikon will receive payments of over $22 million, including an upfront license fee and multi-year research funding. Additionally, Plexxikon may earn further milestone payments totaling nearly $350 million related to the successful development and commercialization of potential products emerging from the collaboration. Plexxikon also will receive royalties on future product sales. Wyeth also will provide a loan to fund Plexxikon’s share of clinical development under a co-development and co-funding option for any collaboration product."
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