Thursday March 2, 6:30 pm Eastern Time
Company Press Release
SOURCE: Genset SA and Abbott Laboratories
Genset and Abbott Laboratories Sign New Agreement
for Disease Gene Discovery
PARIS and ABBOTT PARK, Ill., March 2 /PRNewswire/ -- Genset SA (Nasdaq: GENXY; Nouveau Marche: GENSET)
and Abbott Laboratories (NYSE: ABT - news) today announced that they have signed a new collaborative research
agreement to discover genes associated with bipolar disorder and Type II diabetes.
``This builds upon our existing relationship with Genset in identifying genes related to a number of our core therapeutic areas,'
said Dan Norbeck, Ph.D., vice president, Pharmaceutical Discovery, Abbott Laboratories. ``This genetic information will
further our efforts to discover novel compounds that improve treatment for common illnesses.'
The collaboration will focus on certain candidate regions associated with the selected diseases with initial efforts centered on
bipolar disorder. Abbott will receive a license to develop and commercialize therapeutic and diagnostic products based on the
genes identified through the collaboration. Under the agreement, Genset will receive an up-front payment, research funding,
research milestone payments for discovery of disease genes and their validation as drug targets, commercial milestone
payments, and royalties. Financial terms were not disclosed. In addition, Abbott and Genset have agreed that Genset may
exercise its put-option to issue $10 million of equity to Abbott.
``We are very pleased that Abbott has decided to continue and expand the partnership with Genset,' said Pascal Brandys,
chairman and CEO of Genset. ``This agreement builds upon the excellent scientific and business relationship established over
several years between our companies through our pharmacogenomics alliance. We are particularly pleased to expand our CNS
franchise with this important research on bipolar disorder. With our ongoing programs on schizophrenia and Alzheimer's
disease, Genset is now firmly established as a world leader in CNS gene discovery.'
Genset is a global genomics company that integrates state-of-the-art genomic and molecular biology technologies to provide
pharmaceutical companies with patented genomics information relevant for the discovery, development and marketing of novel
therapeutics. The Company's objective is to enter into multiple focused strategic partnerships to assist pharmaceutical
companies throughout the drug life cycle. Its commercial portfolio includes its gene discovery programs in CNS disorders,
cardiovascular diseases, obesity and metabolic disorders; its pharmacogenomics programs for high-throughput target validation
and drug response; and its gene libraries. Genset's news releases are available on the Company's Web site at
genxy.com.
Abbott Laboratories is committed to the research and development of novel treatments for neurological and psychiatric
conditions that will enable patients to lead productive lives. Abbott is a global, diversified healthcare company devoted to the
discovery, development, manufacture and marketing of pharmaceutical, diagnostic, nutritional and hospital products. The
company employs 57,000 people and markets its products in more than 130 countries. In 1999, the company's sales and net
earnings were $13.2 billion and $2.4 billion, respectively, with diluted earnings per share of $1.57.
Abbott's news releases and other information are available on the company's Web site at abbott.com.
SOURCE: Genset SA and Abbott Laboratories |
