- Companies Will Jointly Conduct Phase III Development and
Commercialization of DGAT-1 Inhibitor Compounds -
NEW YORK, and PRINCETON, N.J., Aug. 27 /PRNewswire-FirstCall/ -- Pfizer
Inc. (NYSE: PFE) and Bristol-Myers Squibb Company (NYSE: BMY) ("companies")
today announced that they have finalized a definitive agreement for the
worldwide collaboration to research, develop and commercialize DGAT-1
inhibitors, a collaboration first announced on April 26, 2007. Pfizer's
DGAT- 1 discovery program includes advanced pre-clinical compounds with
potential applications for the treatment of metabolic disorders, including
obesity and diabetes. The program also includes DGAT-1 inhibitors
in-licensed by Pfizer from Bayer Pharmaceuticals Corporation in June 2006,
including a pre-clinical compound (known as PF-04415060 or BAY 74-4113)
originally discovered by Bayer.
Under terms of the agreement, Pfizer will be responsible for all
research and early-stage development activities for the metabolic disorders
program, and the companies will jointly conduct Phase III development and
commercialization activities.
"The worldwide incidence of metabolic disorders is increasing rapidly,
and complications from diabetes and obesity are leading causes of
disability and mortality globally. DGAT-1 inhibitors have shown promise in
pre-clinical testing, and this research program has potential to yield
several compounds that may improve treatment options for patients," said
Elliott Sigal, chief scientific officer and president, Research and
Development, Bristol-Myers Squibb. "This collaboration underscores the
company's commitment to investing in research and development, and reflects
our strategy to identify partnerships that complement our own research
efforts to enhance our innovative pipeline."
"Pfizer's agreement with Bristol-Myers Squibb reflects our efforts to
build external alliances and share resources to address significant areas
of unmet medical need," said Dr. Ed Harrigan, senior vice president of
Pfizer Worldwide Business Development. "This Agreement is one part of a
collaborative relationship with Bristol-Myers Squibb which combines the
strengths of both companies in the development of two promising research
programs. Pfizer continues to look for new strategic opportunities to
complement our portfolio of medicines and drive long-term growth of the
company."
About DGAT-1 Inhibitors
Triglycerides are the principal component of fat, which is the major
repository for storage of metabolic energy in the body. DGAT-1
(diacylglycerol acyl transferase-1) is an enzyme critical to the creation
of triglycerides and fat storage. Overweight and obese individuals have
significantly greater triglyceride levels, making them more prone to
diabetes and its associated metabolic complications. In studies of obese
animals, DGAT-1 inhibitors have been shown to induce weight loss and
improve glucose tolerance and lipid levels. These observations suggest
DGAT-1 inhibitors may have the potential to treat obesity, diabetes and
dyslipidemia.
About Pfizer
Pfizer discovers and develops innovative medicines to treat and help
prevent disease for both people and animals. We also partner with
healthcare providers, governments and local communities around the world to
expand access to our medicines and to provide better quality healthcare and
health system support.
About Bristol-Myers Squibb
Bristol-Myers is a global pharmaceutical and related healthcare
products company whose mission is to extend and enhance human life.
Pfizer Forward-Looking Statement
The information contained in this release is as of August 27, 2007.
Pfizer assumes no obligation to update forward-looking statements contained
in this release as the result of new information or future events or
developments.
This release contains forward-looking information about a collaboration
between Pfizer and Bristol-Myers Squibb with respect to certain product
candidates, including their potential benefits, that involves substantial
risks and uncertainties. Such risks and uncertainties include, among other
things, the uncertainties inherent in research and development; decisions
by regulatory authorities regarding whether and when to approve any drug
applications that may be filed for any such product candidates as well as
their decisions regarding labeling and other matters that could affect the
availability or commercial potential of such product candidates; and
competitive developments. There is no assurance that the definitive
research, development and commercialization agreement relating to
early-stage compounds for the potential treatment of metabolic disorders
that is described in this release will result in the discovery, development
or commercialization of products.
A further description of risks and uncertainties can be found in
Pfizer's Annual Report on Form 10-K for the fiscal year ended December 31,
2006 and in its reports on Form 10-Q and Form 8-K.
Bristol-Myers Squibb Forward-Looking Statement
This press release contains "forward-looking statements" as that term
is defined in the Private Securities Litigation Reform Act of 1995,
regarding the research, development and commercialization of products
pursuant to a collaboration agreement between BMS and Pfizer. Such
forward-looking statements are based on current expectations and involve
inherent risks and uncertainties, including factors that could delay,
divert or change any of them, and could cause actual outcomes and results
to differ materially from current expectations. No forward-looking
statement can be guaranteed. Among other risks, there can be no guarantee
that the definitive research, development and commercialization agreement
relating to early-stage compounds described in this release will result in
the discovery, development or commercialization of products. Additionally,
the potential products described in this release are subject to the risks
and uncertainties involved in the drug discovery and development processes
and there can be no guarantee that the potential products described in this
release will receive regulatory approval, or that if approved, will be
commercially successful. Forward- looking statements in the press release
should be evaluated together with the many uncertainties that affect
Bristol-Myers Squibb's business, particularly those identified in the
cautionary factors discussion in Bristol-Myers Squibb's Annual Report on
Form 10-K for the year ended December 31, 2006, its Quarterly Reports on
Form 10-Q, and Current Reports on Form 8-K. Bristol- Myers Squibb
undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or otherwise.
SOURCE Bristol-Myers Squibb
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Related links:
http://www.bms.com
CONTACT:
Media, Shreya Prudlo of Pfizer,
+1-212-733-4889, shreya.prudlo@pfizer.com, Jeff Macdonald of
Bristol-Myers Squibb, +1-212-546-4824, +1-917-371-0940,
jeffrey.macdonald@bms.com; Investors, Suzanne Harnett of Pfizer,
+1-212-733-8009, suzanne.harnett@pfizer.com, John Elicker of
Bristol-Myers Squibb, +1-212-546-3775, john.elicker@bms.com
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