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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: quidditch who wrote (2239)	4/6/1999 4:41:00 PM
From: Biomaven	Read Replies (1) \| Respond to of 10280

Another Versicor agreement today. SEPR still owns about 22% of them. Deal is denominated only in biobucks ($30m of them), so who knows what it is actually worth. Pharmacia & Upjohn and Versicor Collaborate on New Oxazolidinone Antibacterials BRIDGEWATER, N.J. and FREMONT, Calif., April 6 /PRNewswire/ -- Pharmacia & Upjohn (NYSE: PNU) and Versicor Inc. announced today that they have entered into a collaboration to discover new oxazolidinones, an important new class of antibacterials. Versicor will work closely with Pharmacia & Upjohn to create compounds to extend Pharmacia & Upjohn's leadership in this area. The collaboration's mission is to discover the next generation of oxazolidinone(s) to compete in the $23 billion worldwide antimicrobial market. The collaboration will benefit from Versicor's unique infectious disease-oriented biology and combinatorial chemistry technology platforms and from Pharmacia & Upjohn's extensive experience in infectious disease drug discovery with oxazolidinones and other chemical templates. Pharmacia & Upjohn's most advanced oxazolidinone, Zyvox, is in Phase III clinical development and represents the first new class of antibacterials in more than 30 years. The Versicor/Pharmacia & Upjohn research collaboration is a two to three-year deal that includes up-front cash, equity payments, and research funding. The deal also includes additional equity, potential milestone payments and royalties in subsequent years. The total value of the deal can be $30 million plus, which is inclusive of significant reward for a new oxazolidinone antibiotic reaching the market. Versicor Inc., a cutting edge biopharmaceutical company, is dedicated to the discovery and development of novel antibiotics. Internally this consists of fully integrated efforts involving functional genomics, high throughput screening, and combinatorial chemistry. External collaborations have provided advanced leads and an early clinical candidate. Pharmacia & Upjohn is a global, innovation-driven pharmaceutical and health care company. Pharmacia & Upjohn's products, services and employees demonstrate its commitment to improve wellness and quality of life for people around the world.