SAN DIEGO, Jan. 2, 2020 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) and Beacon Discovery today announced that they entered into a strategic multi-year partnership (Project Cabrillo) aimed at building novel medicines across a range of G protein-coupled receptor (GPCR) targets.
Under the terms of the deal, Beacon will be responsible for drug discovery activities. Arena will focus on developing and commercializing promising novel compounds in a variety of immune and inflammatory diseases that complement their first- or best-in-class pipeline. Financial terms of the agreement have not been disclosed.
"Project Cabrillo expands our relationship with Beacon Discovery, allowing us to continue to unlock the value of Arena's legacy world-class GPCR discovery engine," said Amit D. Munshi, President and Chief Executive Officer of Arena. "Our work will cover a broad range of novel and validated targets which we have collectively identified and look promising. We are excited to work with Beacon to discover new medicines which we hope will dramatically change the lives of patients."
"We are thrilled to bolster our long-standing relationship with Arena and look forward to continuing our successful track record of discovering and engineering highly-optimized compounds," said Sunny Al-Shamma, Beacon's Chief Executive Officer. "We are confident that our expanded partnership will result in novel best-in-disease medicines targeting the challenging treatment of autoimmune diseases."
About Arena Pharmaceuticals
Arena Pharmaceuticals is uniquely positioned to develop best-in-disease medicines with optimized efficacy and safety for patients globally. Our drive to deliver a robust pipeline of novel, transformational medicines is grounded in two decades of world class G-protein-coupled receptor (GPCR) discovery research.
It is the breadth and depth of the portfolio, the prioritization of drug development to meet unmet patient needs, the strong financial health and the growing, bold-thinking world-class team that gives Arena the ingredients and passion to build a sustainable, vibrant next generation pharmaceutical company.
Founded in 2016 and headquartered in San Diego, Beacon Discovery is a world leader in GPCR-focused drug discovery. Beacon's mission is to efficiently identify and advance molecules targeting GPCRs from concept to clinic. Beacon's internal pipeline focuses on GPCRs for which the native ligand remains unknown. These orphan GPCRs provide unexploited opportunities to develop novel drugs addressing significant unmet medical need. In addition, Beacon collaborates with biopharma partners to leverage internally enabled GPCR targets and small molecule modulators as well as its wealth of GPCR discovery skills and tools. For more information, please contact: Sunny Al-Shamma, CEO, [email protected]
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements may be identified by introductory words such as "potential," "aimed at," "will," "hope," "look forward to," "confident that," "uniquely positioned to," "drive to," or words of similar meaning, or by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements include, without limitation, statements about the partnership, Arena's and Beacon's respective responsibilities and focus, potential new or best-in-disease medicines to be discovered and developed thereunder, and Arena's unique position, drive, portfolio, assets, programs, licenses, partnerships, and ability to build a sustainable, vibrant next-generation pharmaceutical company. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, without limitation, the following: the timing and outcome of research, development and regulatory review is uncertain; the risk that Arena's partnership with Beacon may not result in the discovery or development of novel compounds or best-in-disease medicines; enrolling subjects in our ongoing and intended clinical trials is competitive and challenging; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; nonclinical and clinical data are voluminous and detailed, and regulatory agencies may interpret or weigh the importance of data differently and reach different conclusions than Arena or others, request additional information, have additional recommendations or change their guidance or requirements before or after approval; clinical trials and other studies may not proceed at the time or in the manner expected or at all; we expect to need additional funds to advance all of our programs, and you and others may not agree with the manner we allocate our resources; our drug candidates may not advance in development or be approved for marketing; risks related to unexpected or unfavorable new data; risks related to developing and commercializing drugs; risks related to relying on partners and other third parties; Arena's and third parties' intellectual property rights; and satisfactory resolution of litigation or other disagreements with others. Additional factors that could cause actual results to differ materially from those stated or implied by Arena's forward-looking statements are disclosed in Arena's filings with the Securities and Exchange Commission. These forward-looking statements represent Arena's judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
Arena Corporate Contact:
Kevin R. Lind
Arena Pharmaceuticals, Inc.
Executive Vice President and
Chief Financial Officer
Arena Media Contact:
Beacon Corporate Contact:
Chief Executive Officer
SOURCE Arena Pharmaceuticals, Inc.; Beacon Discovery