Discovery Collaboration Business Editors/Health and Medical Writers SAN DIEGO--(BW HealthWire)--Oct. 15, 1997--CombiChem Inc. Wednesday announced a collaboration with Athena Neurosciences Inc., a wholly owned subsidiary of Elan Corp. PLC, establishing a collaboration to discover novel therapeutic compounds for treatment of central nervous system conditions. Under the terms of the agreement, CombiChem will receive up-front and research support payments, as well as milestone payments upon achievement of predetermined objectives. Athena will have exclusive worldwide rights to develop and market products resulting from the collaboration. CombiChem will receive royalties on product sales. In conjunction with the collaboration agreement, Elan made an equity investment in CombiChem. CombiChem will utilize its proprietary Discovery Engine, a convergent, iterative process for drug discovery, to generate lead candidates for Athena targeting central nervous system conditions. Athena has rights under the agreement to initiate the discovery process by utilizing CombiChem's proprietary Universal Informer Library, a computer-designed collection of approximately 10,000 physical compounds selected to provide information about novel targets. "This is a very significant collaboration for CombiChem and represents an excellent opportunity to apply our technology to multiple targets in yet another therapeutic area," stated Vicente Anido Jr., Ph.D., CombiChem's president and chief executive officer. Athena's vice president of research, Dr. Ivan Lieberburg, commented, "We believe CombiChem's advanced technology in small molecule drug discovery, coupled with Athena's proprietary assay systems, represents a truly exciting collaboration in our quest to identify treatments for Alzheimer's and other CNS diseases." CombiChem Inc., based in San Diego, is a computational drug discovery company that is applying its proprietary design technology and rapid synthesis capabilities to accelerate the discovery process for new drugs. The company believes that its approach offers pharmaceutical and biotechnology companies the opportunity to conduct their drug discovery efforts in a more productive and cost-effective manner. Using its proprietary Discovery Engine process, the company focuses on the generation, evolution and optimization of potential new lead candidates for its collaborative partners, who will then develop, manufacture, market and sell any resulting drugs. In addition to this collaboration with Athena, CombiChem has established collaborative partnerships with Teijin Ltd., Roche Bioscience, Sumitomo Pharmaceuticals Co. Ltd. and ImClone Systems Inc. Elan Corp. PLC is a leading worldwide drug delivery and biopharmaceutical company, with its principal research and manufacturing facilities in Ireland, the United States and Israel. Elan's shares trade on the New York, London and Dublin stock exchanges. Except for the historical information contained herein, the matters discussed in this news release may include forward-looking statements. Actual results may differ materially from those predicted in such forward-looking statements due to the risks and uncertainties inherent in CombiChem's business, including, without limitation, risks and uncertainties related to the discovery of novel therapeutic compounds, the achievement of certain milestone events, the successful development and commercialization of products, the impact of competitive products and pricing, and CombiChem's ability to obtain additional financing to support its operations. CombiChem undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
COMBICHEM AND ELAN CORP. ESTABLISH DRUG
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