Just for the sake of good order and for having the PR "on file".
Multiple Peptide Systems forms joint venture with Elan
10 Apr 1999
Multiple Peptide Systems have formed a joint venture with Elan Corporation Plc for the research, development and commercialisation of certain oral and non-oral drug delivery technologies.
Richard A. Houghten, Ph.D., President and Chief Executive Officer of MPS, remarked, "This joint venture provides a unique opportunity for us to build our products in concert with Elan, and marks a new chapter in our own growth and development. We believe that there are tremendous market opportunities in all therapeutic areas for compounds that are currently not typically orally deliverable, such as proteins and peptides. We anticipate that the technologies resulting from our collaboration with Elan will yield enhanced performance over existing approaches in the marketplace. MPS' combinatorial libraries offer the ability to identify highly active target-specific compounds in a remarkably rapid manner."
The joint venture will be majority owned subsidiary of Multiple, which will receive an exclusive license from Elan of certain oral drug delivery technology in exchange for a license fee.
John Devane, Ph.D., Executive Vice President of Research and Development for Elan Pharmaceutical Technologies, said, "We look forward to working with a highly innovative company like MPS, which has a proven track record of innovation in combinatorial chemistry, custom synthesis, and in developing and manufacturing products meeting FDA standards. With MPS, we have a strong U.S.-based combinatorial chemistry partner to move certain novel drug delivery technologies more rapidly to market."
As part of a separate transaction, Multiple have also received a US$5 million equity investment from Elan.
Richard Houghten commented: "Elan's equity participation will significantly accelerate both our core capabilities as well as our cancer vaccine and diagnostic discovery and development program."
Multiple Peptide Systems is a profitable, privately-held discovery and research products company in San Diego specializing in the custom synthesis of peptides for research purposes and human clinical trials. |
