Wyeth and Ambrx Form Multi-target Alliance to Leverage Recent Ambrx Biologics Platform Advances
September 18 2009 - 8:00AM
PR Newswire (US)
COLLEGEVILLE, Pa. and SAN DIEGO, Sept. 18 /PRNewswire/ -- Wyeth
Pharmaceuticals, a division of Wyeth (NYSE:WYE) and Ambrx Inc.
today announced the formation of a worldwide alliance to discover,
develop, and commercialize protein drug candidates for three
undisclosed targets in multiple therapeutic areas. The alliance
will capitalize on Ambrx's recent breakthroughs in applying its
protein medicinal chemistry platform to proteins produced in
mammalian cells such as antibodies and antibody-toxin conjugates.
Ambrx anticipates earning near term payments from an upfront
commitment, target loading fees and research funding. In addition,
Ambrx will be eligible to receive escalating preclinical, clinical,
regulatory and commercial milestone payments as well as tiered
royalties on sales of products resulting from the collaboration.
"This collaboration with Ambrx reinforces Wyeth's commitment to
sustaining and growing our already robust capabilities in the field
of biologics drug discovery through partnerships with biotech
innovators," said Mikael Dolsten, M.D., Ph.D., President, Wyeth
Research. "We are enthusiastic about working with Ambrx, a company
with the ability to create and advance precisely engineered
biologic drug candidates into clinical trials using its proprietary
platform." Stephen Kaldor, Ph.D., President and CEO of Ambrx, said:
"Wyeth is a long-standing leader in protein therapeutics with a
strong record of successfully developing innovative products. We
are pleased that Wyeth recognizes the power of the Ambrx EuCODE(TM)
platform and look forward to collaborating with Wyeth's talented
personnel to produce the next generation of biologic drugs." About
Ambrx Ambrx Inc. is a clinical stage biopharmaceutical company with
a broad biologics platform that allows it to create best-in-class
therapeutics, including improved versions of native proteins and
therapeutic antibodies. Its most advanced product candidate,
ARX201, is a long-acting growth hormone partnered with Merck Serono
that has successfully completed initial clinical trials. The
company has further validated its biologics platform through
additional partnerships with Merck Serono, Eli Lilly and Company
and Merck & Co. Ambrx is advancing a robust portfolio of
product opportunities spanning multiple therapeutic areas that are
high optimized for efficacy, safety and ease of use. For additional
information, visit http://www.ambrx.com/. About Wyeth Wyeth
Pharmaceuticals, a division of Wyeth, has leading products in the
areas of women's health care, infectious disease, gastrointestinal
health, central nervous system, inflammation, transplantation,
hemophilia, oncology, vaccines, and nutritional products. Wyeth is
one of the world's largest research-driven pharmaceutical and
health care products companies. It is a leader in the discovery,
development, manufacturing, and marketing of pharmaceuticals,
vaccines, biotechnology products, nutritionals and non-prescription
medicines that improve the quality of life for people worldwide.
The Company's major divisions include Wyeth Pharmaceuticals, Wyeth
Consumer Healthcare and Fort Dodge Animal Health. The statements in
this press release that are not historical facts are
forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. These risks and
uncertainties include, among others, risks related to our proposed
merger with Pfizer, including satisfaction of the conditions of the
proposed merger on the proposed timeframe or at all, contractual
restrictions on the conduct of our business included in the merger
agreement, and the potential for loss of key personnel, disruption
in key business activities or any impact on our relationships with
third parties as a result of the announcement of the proposed
merger; the inherent uncertainty of the timing and success of, and
expense associated with, research, development, regulatory approval
and commercialization of our products and pipeline products;
government cost-containment initiatives; restrictions on
third-party payments for our products; substantial competition in
our industry, including from branded and generic products; emerging
data on our products and pipeline products; the importance of
strong performance from our principal products and our anticipated
new product introductions; the highly regulated nature of our
business; product liability, intellectual property and other
litigation risks and environmental liabilities; the outcome of
government investigations; uncertainty regarding our intellectual
property rights and those of others; difficulties associated with,
and regulatory compliance with respect to, manufacturing of our
products; risks associated with our strategic relationships; global
economic conditions; interest and currency exchange rate
fluctuations and volatility in the credit and financial markets;
changes in generally accepted accounting principles; trade buying
patterns; the impact of legislation and regulatory compliance;
risks and uncertainties associated with global operations and
sales; and other risks and uncertainties, including those detailed
from time to time in our periodic reports filed with the Securities
and Exchange Commission, including our current reports on Form 8-K,
quarterly reports on Form 10-Q and annual report on Form 10-K,
particularly the discussion under the caption "Item 1A, Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2008, which was filed with the Securities and Exchange
Commission on February 27, 2009. The forward-looking statements in
this press release are qualified by these risk factors. We assume
no obligation to publicly update any forward-looking statements,
whether as a result of new information, future developments or
otherwise. Media Contact: Heidi Chokeir, Ph.D. Russo Partners T:
(619)528-2217 M: (858)-380-6584 DATASOURCE: Ambrx Inc. CONTACT:
Heidi Chokeir, Ph.D., Russo Partners, +1-619-528-2217,
+1-858-380-6584, Web Site: http://www.ambrx.com/
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