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Biotech / Medical : Pharmacopeia, Inc. (ACCL) (Prev: PCOP) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (120)	12/16/1998 9:04:00 AM
From: kinkblot	Respond to of 179

News - First major non-pharma deal announced, in field of agrochemicals: ............................................................................. Wednesday December 16, 6:00 am Eastern Time Company Press Release Novartis Crop Protection and Pharmacopeia Form New Collaboration - Collaboration Marks Pharmacopeia's Entry into Agrochemical Field - PRINCETON, N.J., Dec. 16 /PRNewswire/ -- Novartis Crop Protection AG and Pharmacopeia, Inc. (Nasdaq: PCOP - news) today signed a collaboration agreement effective January 1, 1999. Under the terms of this new collaboration, Pharmacopeia will use its patented ECLiPS technology to provide collections of small molecule compounds for screening by Novartis Crop Protection, the world's leading supplier of crop protection products. Pharmacopeia will receive payments from Novartis Crop Protection for each library provided. Pharmacopeia will also be entitled to milestone and royalty payments as compounds progress through development and commercialization. Further financial terms will not be disclosed. "Pharmacopeia's unique libraries will significantly contribute to our research efforts with increased investments in plant molecular biology, genomics and high-throughput screening," said Robert Nyfeler, Head of Research of Novartis Crop Protection. "This collaboration will help us discover crop protection products with novel modes of action, which meet the needs of farmers and growers, and support sustainable agriculture." "We look forward to working with a leading player in the agrochemical field," said Joseph A. Mollica, Pharmacopeia's Chairman, President, and CEO. "With global product sales of agrochemicals estimated to exceed $35 billion by the year 2002, we felt it was important to serve this large and growing industry segment. Our unique ability to produce large numbers of rationally designed chemicals is highly applicable in this industry. We believe our capabilities will benefit Novartis Crop Protection as they seek to discover new or improved fungicides, herbicides and insecticides that help protect the production of food and fiber crops." Novartis is a world leader in life sciences with core businesses in healthcare, agribusiness and consumer health (self-medication and nutrition). In 1997, Novartis Group sales were 31.2 billion Swiss francs, of which 17.0 billion were in healthcare, 8.3 billion in agribusiness and 5.9 billion in consumer health. The group annually invests more than 3.6 billion Swiss francs in R&D. Headquartered in Basel, Switzerland, Novartis employs about 86,000 people and operates in over 100 countries around the world. [profile],[disclaimer] SOURCE: Pharmacopeia, Inc.