Ambrx Announces Drug Discovery Alliance with Eli Lilly and Company
News Dec 19, 2007
Ambrx Inc. has announced that it has entered into a collaboration with Eli Lilly and Company to discover and develop novel treatments in several therapeutic areas, including metabolic diseases, central nervous system disorders and other diseases.
The collaboration will apply Ambrx's protein optimization technology, ReCODE™, with Lilly's expertise in biologics discovery, development and commercialization to pursue first-in-class drug candidates, including therapeutic antibodies and improved variants of native proteins.
"We are pleased to enter into this agreement with Lilly, a biologics leader with a proven ability to launch successful medicines in areas of strategic interest to Ambrx," said Stephen W. Kaldor, Ph.D., Ambrx's president and chief executive officer.
"This new collaboration allows us to use our existing ReCODE™ technology to produce high quality protein clinical candidates while simultaneously affording us the ability to expand our reach into new areas such as therapeutic antibodies. In addition, this agreement will further solidify Ambrx's financial condition for the next several years," Kaldor added.
Under the terms of the agreement, Ambrx will receive an initial upfront payment and ongoing research support payments. Ambrx may also receive potential research and development milestones and, if assets resulting from the collaboration are successfully commercialized, Ambrx would receive additional milestones and royalties.
Other terms of the deal were not disclosed. This collaboration builds on an earlier agreement signed between the two companies in January 2007.
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