Xyris Corporation Announces Agreement to Merge With Global Agro, A Plant Science Company
SAN DIEGO, Calif.--(BW HealthWire)--April 20, 1999--Xyris Corporation, the majority-owned agricultural biotechnology affiliate of Axys Pharmaceuticals, Inc. (Nasdaq:AXPH), today announced that it has signed a letter of intent to merge with privately held Global Agro, Inc., a plant science company based in San Diego, California. Global Agro is dedicated to the research and development of plants genetics and the discovery, expression and regulation genes in selected agricultural crops. This all-stock transaction will result in the creation of a newly named agricultural biotech company, Akkadix Corporation, incorporating the businesses of Xyris and Global Agro. The proposed merger has been approved by the Board of Directors of both companies and is expected to close within the next 60 days.
"This combination integrates the genomics, structural biology, bioinformatics, combinatorial chemistry and high throughput screening of Xyris, with the proprietary plant genes and germplasm of Global Agro, to accelerate Akkadix's development and programs in gene discovery, gene characterization and nematicides," said Jerry Caulder, Xyris' chairman and chief executive officer and CEO designate of Akkadix. "This transaction accelerates the strategic plan we put into place with the formation of Xyris last year and it furthers our ability to attract both partners and collaborators in applying our technology platform to new opportunities in the agricultural biotechnology market."
Gary Richardson, co-founder and chief executive officer of Global Agro and chief operating officer designate of Akkadix, stated, "We needed access to the broader technology base of Xyris to capitalize fully on the proprietary genes that we licensed from The Salk Institute and to develop their applications in soybean, corn, wheat, rice, cotton and other crops. Our ownership of germplasm in a number of these crops will allow Akkadix to generate products and revenues in a shorter time frame than one would expect from a newly founded ag/bio company."
Xyris and Global Agro are contributing to Akkadix research and technology licensing agreements with Axys Pharmaceuticals, The Salk Institute and the University of Edinburgh, in addition to collaborations with AgriBiotech, Inc. and Forage Genetics, Inc., a subsidiary of Land O' Lakes Inc. of Wisconsin. Akkadix's technology platform and capabilities are unique in the industry. The company will be well positioned to apply newer life science technologies to the development of new plants and their uses. These activities will include the discovery of new genes and gene functions, the application of these traits to make plants more resistant to diseases and pests, and the use of plants as production vehicles to make unique products.
Xyris Corporation was formed in May 1998 as an agricultural biotechnology subsidiary of Axys Pharmaceuticals, Inc. Xyris is focused on creating products for crop protection, crop improvements, animal health, technology for the seed industry and human nutrition by leveraging Axys' discovery and combinatorial chemistry technologies. Initial funding for Xyris was provided by Bay City Capital, a life sciences merchant bank and management advisory firm based in San Francisco.
Axys Pharmaceuticals is a leader in the integration of life science technologies with a focus on transforming gene discoveries into drugs. The company has research collaborations with world-class pharmaceutical companies, covering a broad range of therapeutic areas, including respiratory, cardiovascular, and infectious disease, as well as oncology and central nervous system disorders.
For more information on Xyris Corporation, please visit the company's website at xyrisco.com.
For more information on Axys Pharmaceuticals, Inc., please visit the company's website at axyspharm.com.
CONTACT:
Axys Pharmaceuticals, Inc.
John Walker, 650/829-1000
or
Xyris Corporation
Jerry Caulder, Ph.D., 619/794-5533 |
