BOULDER, Colo., Jan. 5 /PRNewswire-FirstCall/ -- Array BioPharma
(Nasdaq: ARRY) today announced a licensing and collaboration agreement with
Genentech, Inc. (NYSE: DNA) for multiple targets in the field of oncology. As
part of this agreement, Array and Genentech will form a research collaboration
to advance two of Array's proprietary oncology programs into clinical
development. These programs include small molecule leads developed by Array
along with additional Array intellectual property involving Array's drug
Under the agreement, Array will receive an upfront payment and research
funding, with the potential to also receive development milestones and
royalties on resulting product sales.
"We are delighted to collaborate with Genentech, a clear leader in the
field of oncology," said Robert E. Conway, Chief Executive Officer, Array
BioPharma. "This collaboration leverages Array's proprietary small molecule
drug discovery expertise with Genentech's cancer expertise, with the goal of
creating products to address one the world's largest unmet medical needs and
"Array has a proven drug discovery capability that has created a number of
exciting early stage programs around multiple oncology targets. We plan to
work with Array to maximize their potential," said Marc Tessier-Lavigne Ph.D.,
Senior Vice President, Research Drug Discovery, Genentech. "We believe this
collaboration with Array complements our existing oncology portfolio and
further strengthens our position as a leader in cancer research."
Details of the Transaction
Under the terms of this agreement, Genentech and Array will collaborate on
the discovery of clinical candidates directed against two cancer targets.
Genentech will have the sole responsibility for clinical development and
commercialization of the resulting products. Genentech has reserved the right
to add additional programs to this collaboration.
About Array BioPharma
Array BioPharma is creating the next generation of orally active drugs by
integrating the latest advances in chemistry, biology and informatics. Our
drug development pipeline is focused primarily in cancer and inflammatory
disease and includes many promising small molecule drugs that affect disease
pathways with well-validated targets. Array also collaborates with leading
pharmaceutical and biotechnology companies to invent and optimize drug
candidates across a broad range of therapeutic areas. For more information on
Array, please go to www.arraybiopharma.com .
Founded in 1998, Array BioPharma is headquartered in Boulder, Colorado and
employs over 250, including 184 scientists. Additional companies utilizing
Array's drug discovery expertise include AstraZeneca, InterMune, Eli Lilly,
GenPath, Roche and Takeda.
Array Forward-Looking Statement:
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 that involve
significant risks and uncertainties, including those discussed in our annual
report filed on Form 10-K for the fiscal year ended June 30, 2003, and in
other reports filed by Array with the Securities and Exchange Commission.
Because these statements reflect our current expectations concerning future
events, our actual results could differ materially from those anticipated in
these forward-looking statements as a result of many factors. These factors
include, but are not limited to, our ability to achieve and maintain
profitability, the extent to which the pharmaceutical and biotechnology
industries are willing to collaborate with and fund third parties on their
drug discovery activities, the ability of our collaborators and of Array to
meet drug discovery objectives tied to milestones and royalties, our ability
to continue to fund and successfully progress internal research efforts and to
create effective, commercially viable drugs, and our ability to attract and
retain experienced scientists and management. We are providing this
information as of January 5, 2004. We undertake no duty to update any
forward-looking statements to reflect the occurrence of events or
circumstances after the date of such statements or of anticipated or
unanticipated events that alter any assumptions underlying such statements.
SOURCE Array BioPharma