Argenta Discovery Announces Second Two-Year Drug Discovery Collaboration with Genentech
News Mar 01, 2007
Argenta Discovery Ltd., the contract drug discovery and respiratory drug development company,has announced that it has expanded its existing drug discovery agreement with Genentech, Inc. to add a second two-year drug discovery collaboration project.
Under the terms of the existing agreement, first announced in December 2005, scientists from the two companies will exploit Argenta’s expertise in computer-aided drug design (CADD), medicinal chemistry, and biology to discover new chemical entities acting against a second undisclosed drug target defined by Genentech.
Commenting on the agreement, Dr Christopher Ashton, Argenta’s CEO, said, “We are delighted that Genentech has chosen to build upon our current excellent working relationship with an additional collaboration project. Our initial joint project has made good progress over the last year, and this new project expands our overall collaboration.”
Dr Ashton continued, “We believe this is testament to Argenta bringing a breadth of drug discovery experience to bear on key Genentech research interests. It is gratifying to us that Argenta’s determination to refine and broaden its integrated drug discovery capabilities should be rewarded with high calibre collaborations of this kind.”
He further explained, “Our objective is to continue to secure and retain high quality, long-term collaborations with leading pharmaceutical and biotechnology companies and today’s announcement is one of several recent announcements which illustrate our success in realising this objective. We look forward to continuing this successful relationship with Genentech.”
Financial terms of the collaboration have not been disclosed but the agreement does provide options to expand the relationship, including opportunities to pursue additional discovery projects.