|
|
| Elan and Pharmacia Form Alzheimer's Disease Research Collaboration In the Area of Beta-Secretase |
DUBLIN, Ireland and PEAPACK, N.J., Aug. 9 /PRNewswire/ -- Elan Corporation, plc (NYSE: ELN) ("Elan") and Pharmacia Corporation (NYSE: PHA) ("Pharmacia") today announced that they have entered into a research collaboration focused on the discovery of small molecule inhibitors of beta-secretase for the treatment of Alzheimer's disease. Under the agreement, Elan and Pharmacia will pool their scientific resources and intellectual property and share all costs and revenues associated with research, development and marketing of potential inhibitors of beta-secretase. Financial terms of the agreement were not disclosed. Beta-secretase is an enzyme associated with a cleavage event that leads to the development of amyloid plaques which is thought to be one of the key processes in the progression of Alzheimer's disease, a degenerative disease of the brain. Alzheimer's begins with symptoms such as simple confusion and forgetfulness and ultimately leads to profound dementia. Approximately four million people in the United States have Alzheimer's including one person in 10 over age 65, and almost half of all persons over age 85. Donal Geaney, Chairman and Chief Executive Officer of Elan Corporation, plc stated, "We are excited to be teaming up with Pharmacia to advance our Alzheimer's research efforts in the area of beta-secretase. Pharmacia has extensive expertise in the area of beta-secretase as well as substantial scientific resources, making them an ideal partner to expedite the development time and eventual commercial success of any product resulting from the collaboration. By pooling our collective resources, we believe this collaboration represents a truly significant discovery effort in the field." "This collaboration with Elan is a unique opportunity to work with a research team at the forefront of Alzheimer's disease research," said Pharmacia Chief Executive Officer, Fred Hassan. "We are very excited about the insights our researchers have gained into the biochemistry of Alzheimer's disease and look forward to contributing these insights to this collaborative endeavor." Elan is a leading worldwide pharmaceutical and biotechnology company headquartered in Ireland, with its principal research, development, manufacturing and marketing facilities located in Ireland, the United States and Israel. Elan shares trade on the New York, London and Dublin Stock Exchanges. Pharmacia Corporation (NYSE: PHA) is a leading global pharmaceutical company created through the merger of Pharmacia & Upjohn with Monsanto Company and its G.D. Searle unit. Pharmacia has a broad product portfolio, a robust pipeline of new medicines, and an annual investment of more than $2 billion in pharmaceutical research and development. In its Monsanto subsidiary, Pharmacia has one of the world's leading fully integrated agricultural businesses. The statements in this press release contain forward-looking statements that involve risks and uncertainties including, without limitation, risks associated with the inherent uncertainty of pharmaceutical research, product development and commercialization and the impact of competitive products and patents, and other risks and uncertainties, including those detailed from time to time in periodic reports. Actual results may differ from the forward-looking statements.SOURCE Elan Corporation, plc and Pharmacia Corporation
back to topRelated links:
Company News On-Call:
800-758-5804, ext. 231593
CONTACT:
Investors - Jack Howarth or Mary Ansaldi of
Elan Corporation - U.S., 212-407-5740, or Emer Reynolds of Elan
Corporation - Europe, +353-1-709-4080, 800-28352600; or Craig
Tooman of Pharmacia Corporation, 908-901-8853; Media - Max
Gershenoff of Elan Corporation, 212-407-5740; or Stephen Lederer
of Pharmacia Corporation, 908-901-8840
