seems like fooooooooooooooorever................
Tuesday August 7, 4:03 am Eastern Time
Press Release
SOURCE: OSI Pharmaceuticals
OSI Pharmaceuticals Signs an Agreement to Acquire
Pre-Clinical Research Operations From British
Biotech plc
Expands Capabilities for Proprietary Research and Development
MELVILLE, N.Y.--(BW HealthWire)--Aug. 7, 2001-- OSI Pharmaceuticals, Inc.
(Nasdaq: OSIP - news), announced today it has signed an agreement to acquire certain of
the pre-clinical research operations of British Biotech plc (LSE: BBG; Nasdaq: BBIOY) for
(pound)8.7 million (approximately $12.35 million) in cash. OSI will assume the leases for
British Biotech's state-of-the-art research facilities in Oxford, U.K., acquire extensive
laboratory equipment, gain access to British Biotech's chemical libraries and retain
approximately 60 research and administrative professionals. Included in the transaction,
expected to close in September, is British Biotech's fully integrated pilot manufacturing plant
which is capable of supplying clinical grade material on a scale sufficient to support OSI's
proprietary development activities through to the completion of Phase II clinical trials. These
additional resources will further enable OSI to move competitively into clinical development
with selected drug candidates from its proprietary drug discovery programs.
``A strong research presence on both sides of the Atlantic allows us to recruit from an
extensive talent pool as we continuously strive to build a high quality research operation,''
stated Nicholas Bacopoulos, Ph.D., President and Head of Research and Development of
OSI Pharmaceuticals. ``Our experience over the last 5 years with our Birmingham location
has shown that we can successfully run a transatlantic operation.''
OSI also announced that upon the closing of the transaction, it will close its Birmingham
facility and relocate its Birmingham personnel to the Oxford facility which over time will
employ approximately 150 researchers plus support staff and become the center of the
Company's European research and development operations. The research staff that will be
joining OSI from British Biotech include specialists in biology, medicinal and analytical
chemistry, drug metabolism and pharmacokinetics, and will be assigned to OSI's proprietary
research programs; expanding the Company's pre-clinical development capabilities.
Background on OSI Research and Development
OSI's drug discovery effort was historically partnered with pharmaceutical companies in royalty-based funded agreements. The
Company has developed an integrated small molecule drug discovery operation based on extensive chemical libraries, robotic
high throughput screening, gene targeted signal transduction assays (for example, tyrosine kinase, gene transcription and
G-protein coupled receptor signaling assays), medicinal and pharmaceutical chemistry, and pre-clinical development. Following
last year's successful financings, OSI is now applying these resources to proprietary drug discovery programs focused on three
research groups consisting of: cancer, diabetes and a new opportunities group. The new opportunities group seeks to capitalize
on the Company's core technologies to opportunistically develop candidates for subsequent partnering prior to
commercialization. The Company's adenosine receptor discovery program is an example of this new opportunities group,
where two projects, Adenosine A1 receptor antagonists for asthma and Adenosine A3 antagonists for glaucoma, have resulted
in high quality lead molecules. The pre-clinical research group is currently being expanded to between 250 and 300 researchers
based in facilities in the United Kingdom and New York.
Upon the closing of the transaction, OSI will add key discovery skill sets in medicinal and analytical chemistry and in drug
metabolism and pharmacokinetics. The addition of the pilot manufacturing plant will give the Company the ability to rapidly
scale up the production of small molecules for pre-clinical toxicology testing and early clinical trials and will further enable OSI
to move competitively into clinical development.
The Company will occupy approximately 118,000 sq.ft. at its new U.K. research facility, in addition to the 60,000 sq.ft. the
Company occupies at its Uniondale and Tarrytown research facilities in the U.S. Headquarters and administration staff recently
moved to a 17,500 sq. ft. facility in Melville, New York. The Company anticipates occupying a new 50,000 sq. ft. research
facility in Farmingdale, New York by the end of the year. The Company announced plans to consolidate its global research
operations into two sites by the end of 2002. Approximately 50% of research will be based on Long Island, NY and the other
50% at the Oxford, U.K. site.
OSI's Re-organization of Senior Research Management
Arthur Bruskin, Ph.D., formerly Executive Vice President, Pharmaceutical Operations, has been appointed to Executive Vice
President of Global Research and will assume responsibilities for OSI's overall pre-clinical research program. Dr. Bruskin
began his career with OSI in 1991 when OSI acquired Applied bioTechnology, Inc. and has held several managerial positions
at OSI since that time including Director of Cancer Research. Dr. Bruskin spent three years in the laboratory of Nobel Laurate,
Dr. Michael Bishop, at the University of California, San Francisco, studying the molecular mechanisms of the activation of
oncogenes. Dr. Bruskin will report to Dr. Nicholas Bacopoulos, President and Head of Research and Development.
Neil Gibson, Ph.D., formerly Senior Director, Cancer Discovery, will lead the U.S. research operations in his new role as Vice
President of U.S. Research and will oversee OSI's discovery programs within the U.S. Dr. Gibson joined OSI in January
2001. Dr. Gibson's prior experiences include serving as the Director for Cancer Research, Department of Cancer and
Osteoporosis at The Bayer Corporation and previously served as Associate Director for Cancer Research, Institute of Bone
Joint Disorders and Cancer also at The Bayer Corporation. Dr. Gibson served as Senior Research Investigator at Pfizer Inc.
and played an integral role in OSI's cancer collaboration with Pfizer. Dr. Gibson will report to Dr. Bruskin.
John Murray, Ph.D., Vice President of UK Chemistry, will lead the U.K. based research operations in medicinal chemistry and
pharmaceutical development. Dr. Murray has 13 years experience at Glaxo Wellcome where he held several positions in
Chemical Development and Medicinal Chemistry culminating as Group Leader and Laboratory Head, Glaxo Wellcome
Cambridge Chemistry Laboratory. Dr. Murray will report to Dr. Bruskin.
Arlindo L. Castelhano, Ph.D., formerly Senior Director Chemistry and GPCR Drug Discovery, has assumed the position of
Vice President of U.S. Chemistry and will assume responsibilities for OSI's U.S. chemistry operations. Dr. Castelhano joined
OSI in 1999, when OSI acquired Cadus Pharmaceuticals Corp. where he was the Executive Director of Chemistry. Dr.
Castelhano spent much of his career at Syntex Inc. where he served as Principal Scientist. He also was a Research Associate
at the National Research Council in Ottawa, Ontario. Dr.Castelhano will report to Dr. Bruskin.
OSI Pharmaceuticals is a leading biopharmaceutical company with a substantial portfolio of product opportunities for
commercialization with the pharmaceutical industry. OSI's research programs are focused in the areas of cancer therapeutics,
respiratory diseases, diabetes, and cosmeceuticals. OSI utilizes a comprehensive drug discovery and development capability to
facilitate the rapid and cost-effective discovery and development of novel, small molecule compounds against more than 40
gene targets.
Additional information on OSI Pharmaceuticals is available on the World Wide Web at osip.com .
This news release contains forward-looking statements. These statements are subject to known and unknown risks and
uncertainties that may cause actual future experience and results to differ materially from the statements made. Factors that
might cause such a difference include, among others, uncertainties related to the identification of lead compounds, the successful
pre-clinical development thereof, the completion of clinical trials, the FDA review process and other governmental regulation,
pharmaceutical collaborators' ability to successfully develop and commercialize drug candidates, competition from other
pharmaceutical companies, product pricing and third part reimbursement, and other factors described in OSI Pharmaceuticals'
filings with the Securities and Exchange Commission.
Contact:
OSI Pharmaceuticals
Kathy Galante, 631/962-2000
or
Burns McClellan (representing OSI)
Kathy L. Jones, Ph.D., 212/213-0006 (Media)
Ethan Denkensohn, 212/213-0006 (Investors) |
