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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio -- Ignore unavailable to you. Want to Upgrade?

To: XenaLives who wrote (444)	10/8/2001 9:27:56 AM
From: tuck	Read Replies (1) \| Respond to of 1005

MCLS gets a deal with royalties. >>CHICAGO, Oct. 8 /PRNewswire/ -- MediChem Life Sciences (Nasdaq: MCLS - news), a Chicago-based drug discovery company, announced today that it has entered into a two-year strategic medicinal chemistry agreement with Pharmacia Corporation (NYSE: PHA - news), a top-tier global pharmaceutical company. Under the terms of the agreement, MediChem will commit medicinal chemistry resources to perform drug discovery and development activities in collaboration with Pharmacia's in-house medicinal chemistry teams. MediChem's medicinal chemistry resources will perform medicinal chemistry research, structure-activity relationship analysis and lead optimization studies. MediChem will also assist Pharmacia in filing patent applications to establish broad patent protection of compounds MediChem discovers. MediChem's scientists will perform chemistry consulting, computational chemistry and parallel synthesis, as well as process development and process optimization studies of Pharmacia's chemical leads to advance Pharmacia's drug discovery programs. Pharmacia will pay MediChem for research conducted by MediChem scientists in the collaboration. MediChem will also receive royalties for all net sales of products that MediChem invents or co-invents. ``We have been working with Pharmacia for more than 13 years,'' said Michael T. Flavin, Ph.D., president and CEO of MediChem. ``As MediChem has grown, we have offered Pharmacia more value-added technologies and more sophisticated business arrangements. This collaboration is an excellent example of that -- particularly because of the royalty opportunities we now have.''<< snip Cheers, Tuck