AMRI Announces Research and Licensing Agreement with Genentech
AMRI's Natural Products Drug Discovery Program Generates Contract, Milestone and Royalty Revenue Opportunities for Multiple Potential Products
ALBANY, N.Y.--(BUSINESS WIRE)--Jan 4, 2011 - AMRI (NASDAQ: AMRI) announced today a research and licensing agreement with Genentech, a member of the Roche Group (SIX: RO, ROG; OTCQX: RHHBY), for a family of antibacterial compounds discovered from AMRI's proprietary research of its natural products sample collection.
Under the terms of the agreement, Genentech will receive an exclusive license to develop and commercialize multiple potential products from AMRI's proprietary antibacterial program. Additionally, AMRI will collaborate with Genentech in a research program with the objective of identifying novel antibacterial agents. In addition to an upfront license fee and research funding, AMRI will be eligible to receive development regulatory milestones and will receive royalties from Genentech on worldwide sales of any resulting commercialized compounds.
The license agreement results from work conducted at AMRI in a drug discovery program which leveraged AMRI's extensive natural product libraries, high throughput screening capabilities and natural product chemistry expertise. The leading compound is a highly potent antibacterial agent.
"We are very pleased to announce this collaboration with Genentech,” said AMRI's Vice President of Research & Development, Bruce J. Sargent, Ph.D. “As resistance to existing drugs continues to emerge, there is an urgent need for new antibiotic agents. This exciting collaboration brings together AMRI's strengths and experience in small-molecule drug discovery, biology and chemistry with Genentech's leading position in novel drug discovery and development.”
Founded in 1991, Albany Molecular Research, Inc. provides scientific services, products and technologies focused on improving the quality of life. AMRI works on drug discovery and development projects and conducts manufacturing of active ingredients and pharmaceutical intermediates for many of the world's leading healthcare companies. As an additional value added service to its customers, the company is also investing in R&D in order to expand its contract services and to identify novel early stage drug candidates with the goal to outlicense to a strategic partner. With locations in the U.S., Europe, and Asia, AMRI provides customers with a wide range of services, technologies and cost models.
AMRI Forward-Looking Statement
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements may be identified by forward-looking words such as “may,” “could,” “should,” “would,” “will,” “intend,” “expect,” “anticipate,” “believe” and “continue” or similar words. Readers should not place undue reliance on our forward-looking statements. The company's actual results may differ materially from such forward-looking statements as a result of numerous factors, some of which the company may not be able to predict and may not be within the company's control. Factors that could cause such differences include, but are not limited to (a) the company's performance under the collaboration with Genentech; (b) successful results in the performance of the services; (c) Genentech's continuous utilization of the company's services at levels set forth in the contract; (d) Genentech's continued pursuit of programs under which the company provides services, as well as those factors discussed in the company's Annual Report on Form 10_K for the year ended December 31, 2009 as filed with the Securities and Exchange Commission on March 12, 2010 and the company's other SEC filings. The company does not undertake any duty to and does not intend to update any forward-looking statements contained in this press release after the date of this press release.
Andrea Schulz, 518-512-2226
Director, Corporate Communications
Peter Jerome, 518-512-2220
Director, Investor Relations
Posted: January 2011