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Friday October 8, 7:39 pm Eastern Time
Company Press Release
Axys Advanced Technologies Announces Agreement With Allergan
Represents Eighth Combinatorial Chemistry Partner for Axys
SOUTH SAN FRANCISCO & IRVINE, Calif.--(BUSINESS WIRE)--Oct. 5, 1999--Axys Pharmaceuticals, Inc. (Nasdaq: AXPH - news) today announced that Axys Advanced Technologies, Inc. (www.axystech.com), its combinatorial chemistry subsidiary, entered into a three year agreement with Allergan (NYSE: AGN - news) to provide Allergan with a diverse compound screening library consisting of small molecule compounds created using Axys' combinatorial chemistry technologies. Axys will also provide Allergan with enabling technologies for reproducing and expanding the library chemistries. This agreement provides Axys with an upfront payment and additional payments upon product delivery and technology transfer totaling up to approximately $7 million. Including the value of this transaction with Allergan, the cumulative value of Axys Advanced Technologies combinatorial chemistry agreements total approximately $55 million.
''We are pleased to have Allergan join the growing list of Axys Advanced Technologies customers who understand the impact our chemistry can have, both on identifying novel chemotypes in screening assays, and in accelerating the hit to lead conversion process,'' commented Robert A. Reed, Ph.D., President of Axys Advanced Technology. ''This agreement represents the eighth product driven combinatorial chemistry partnership that we have entered, and continues to reflect the intrinsic benefit that our Enabled Compounds offer to the pharmaceutical and biotech communities.'' Enabled Compounds are designed to have high performance in high throughput screening (HTS) and for rapid follow-up by medicinal chemistry programs.
''We assessed many combinatorial chemistry offerings and concluded that Axys Advanced Technologies maintains a very comprehensive program which is consistent with our own internal objectives,'' said Dr. Les Kaplan, President, Research and Development at Allergan. These compound libraries will enhance the diversity of our existing screening collection and the enabling technology provided by Axys will allow Allergan to more rapidly convert the high throughput screening hits derived from the compound libraries into drug candidates.''
Axys Advanced Technologies, Inc. (AAT), a subsidiary of Axys Pharmaceuticals, Inc., is a world leader in the design and production of innovative combinatorial chemistry. AAT expertise focuses on creating high quality, diverse compound libraries for HTS that yield novel chemotypes as hits. AAT offers fully validated chemistries that allow partners to rapidly progress their hits to lead compounds through a synergistic combination of combinatorial and medicinal chemistry techniques and strategies. AAT products include Enabled Compounds, Technology Transfer programs, and Custom Chemistry Services. AAT partners include Pharmacia and Upjohn, Parke-Davis, Rhone-Poulenc Rorer, Daiichi Pharmaceuticals, Allergan, Signal Pharmaceuticals, Protein Design Labs, and Novalon Pharmaceuticals.
Axys Pharmaceuticals is a leader in the integration of life science technologies with a focus on transforming gene discoveries into drugs. Axys is building shareholder value through (1) a broad and diversified pipeline of research and development programs partnered with world-class pharmaceutical companies; (2) expansion of a non-partnered research and development franchise in oncology; and (3) the spin out of affiliated businesses that leverage the company's technologies in order to provide capital for Axys' drug discovery and development programs. Axys' technology-leveraging businesses are: Axys Advanced Technologies, a combinatorial chemistry oriented business; PPGx, a majority owned pharmacogenomics company; and Akkadix, an agricultural biotechnology company.
Allergan, headquartered in Irvine, California, is a technology-driven, global health care company providing eye care and specialty pharmaceutical products worldwide. Allergan develops and commercializes products in the eye care pharmaceutical, ophthalmic surgical device, over-the-counter contact lens care, movement disorder, and dermatological markets that deliver value to our customers, satisfy unmet medical needs and improve patients' lives.
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties which could cause Axys' and/or Allergan's actual results to differ materially from those discussed here, including the reliance on the efforts of collaborative partners, the risk that this or other Axys collaborations will not be successful, the risk that clinical trials will not proceed as anticipated or may not be successful, the risks inherent in early stage development, as to Axys, the risk that Axys will not be successful in entering into new collaborations, competition and marketing risk, the risk of unexpected difficulties and delays in the development of new technologies and in expanding its manufacturing capabilities, and general economic conditions that may affect Axys' and/or Allergan's actual results and developments. Additional factors that could cause or contribute to such differences include, but are not limited to, those discussed in the sections entitled ''What Factors Could Cause Our Results to Differ Significantly from Those You Might Expect?'' and ''Additional Risk Factors'' in the Axys' SEC Reports, including Axys' report on Form 10-K for the fiscal year ended December 31, 1998. Further, as to Allergan, additional information concerning risk factors can be found in Allergan's press releases as well as in Allergan's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading ''Certain Factors and Trends Affecting Allergan and Its Business'' in Allergan's 1998 Form 10-K. Allergan's filings are available publicly and upon request from Allergan's Investor Relations Department: 714-246-4636 or allergan.com. For more information on Axys Pharmaceuticals, Inc., please visit the company's website at axyspharm.com.
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