Euroscreen Products SA Acquired by PerkinElmer Inc.
Euroscreen SA Focuses on Drug Discovery
BRUSSELS, Belgium - Jan. 12, 2007 - Euroscreen SA, a provider of GPCR products and services to the life sciences industry, today announced that it has completed a transaction with PerkinElmer Inc. (NYSE: PKI) to sell its Euroscreen Products S.A. subsidiary comprising all of Euroscreen's former GPCR products in exchange for EUR 14 million in cash. Euroscreen retains its rights to the use of all Euroscreen Products' GPCR cell lines, membranes and AequoScreen(TM) technology for future use in its research and custom services businesses.
"The dedication of our employees has placed our company in a position both to both benefit from this sale to PerkinElmer and to position the company to focus its resources on its drug development strategy," said Dr. Jean Combalbert, Chief Executive Officer of Euroscreen. "PerkinElmer is a great partner with whom we share similar business values. Going forward, Euroscreen Products SA together with PerkinElmer will continue to work with us to develop new GPCR reagents, assay procedures and instrument applications for the benefit of both of our companies."
Euroscreen will continue its custom services business to provide biotech and pharmaceutical customers around the world with its EuroSCREEN FAST custom screening, GPCR antibody development and other services, while pursuing the drug development business of the continuing company.
About Euroscreen SA - <<a target="_blank" href="http://www.euroscreen.com/">http://www.euroscreen.com>www.euroscreen.com
Euroscreen is a preclinical-stage biopharmaceutical company focusing on the discovery, development and partnering of small molecule drugs for unmet medical needs. Euroscreen is developing a pipeline of compounds targeting G protein-coupled receptors (GPCRs), using over 12 years of experience in research and commercialization of this critical class of drug targets in association with the Institute of Interdisciplinary Research (IRIBHM) of the University of Brussels. The company is developing internal targets such as CCR5 and multiple targets in the inflammation area as well as several preclinical-stage collaborations with partners.
The Company has developed a broad target portfolio for licensing to biopharmaceutical companies. Such patents address GPCRs such as CCR5, Chemerin receptor, GPR43, GPR7/8, FPRL2, purinergic receptors (P2Y4, P2Y11 and P2Y13) and SHIP2 for type II diabetes. Euroscreen is able to offer intellectual property rights to companies for the development of therapeutic drugs that act through these targets.
Euroscreen pursues a dual platform strategy of combining its drug discovery business with its custom services business, including its custom screening services (EuroSCREEN FAST?), GPCR antibody development and other services to serve biotech and pharmaceutical companies around the world. The company has research and licensing partnerships with Alchemia, Cephalon, ChemDiv, ICOS, Medarex, Novartis and Pfizer Inc. Euroscreen is a privately held company based in Brussels, Belgium.
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Posted: January 2007