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Biotech / Medical : Celltech Group (NYSE: CLL)
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To: Tom Nealon who started this subject1/22/2001 7:30:48 AM
From: nigel bates   of 123
 
LONDON, Jan 22 (Reuters) - Britain's Celltech Group Plc said on Monday it had formed a worldwide alliance with U.S. drugmaker Johnson & Johnson to develop cancer drugs designed to starve tumours by cutting off their blood supply.
Johnson & Johnson will support further research at Britain's biggest biotechnology company and will be responsible for all costs assoicated with development and commercialisation of the products.
Financial details were not disclosed but Slough-based Celltech said it would receive an initial payment, development milestones and royalties on future product sales.
The goal is to develop a new class of pills that can block the enzyme KDR kinase, which plays a key role in regulating the formation of new blood vessels in tumours. Celltech and J&J will jointly select lead compounds from Celltech's chemical library.
Blocking the growth of new blood vessels, a process known as angiogenesis, is currently a hot area for researchers seeking new approaches to cancer therapy.
"This collaboration provides a strong endorsement of Celltech's technology ... it also acts as a reminder to the strength and depth of the company's R&D capabilities that lie behind its late-stage product portfolio," said ABN AMRO biotech analyst Nick Woolf, who rates Celltech a "buy".
Celltech shares have soared by a quarter in the last week, fuelled by hopes for CDP 870, an antibody-based drug for rheumatoid arthritis, which is expected to reach the market in 2003.
The company is talking to four major pharmaceutical companies interested in selling the product -- which analysts believe will generate annual sales of well over $500 million -- with a deal possible by the end of March.
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