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Albany Molecular Research, Inc. (AMRI) (AMRI) Announces Collaboration Agreement with Eli Lilly and Company (LLY) for In-sourced Chemistry Services; New Jobs Ahead


11/8/2011 8:20:14 AM

ALBANY, N.Y.--(BUSINESS WIRE)--AMRI (NASDAQ: AMRI) announced today that, as part of a new collaboration agreement with Eli Lilly and Company, it anticipates hiring more than 40 synthetic chemists by the third quarter of 2012 to support Lilly’s drug discovery programs. The chemists will work onsite at Lilly’s headquarters in Indianapolis, Indiana, where they will support the medicinal chemistry department. This collaboration will further accelerate Lilly’s drug discovery efforts by maximizing real-time exchange of scientific information. AMRI expects to recruit the majority of the synthetic chemists who will be affiliated with this collaboration from Indiana and surrounding states.

The term of the collaboration is six years, extendable by mutual agreement of both parties.

“We are proud to be at the forefront of establishing a highly collaborative model inside the walls of an innovative biopharmaceutical company like Lilly, which we believe will help accelerate discovery and contribute to the highest quality standards in chemistry demanded by Lilly,” said AMRI’s Chairman, President and CEO, Thomas E. D’Ambra, Ph.D. “The scale and flexibility established with this agreement creates value for both companies.”

“Our partnership with AMRI is another example of how Lilly is transforming the way it conducts R&D, enabling our scientists to discover potential new medicines in as proficient a manner as possible," said Alan Palkowitz, Ph.D., vice president of discovery, chemistry, research and technologies at Lilly. "We look forward to working with AMRI chemists on the Lilly campus to help us build our pipeline of the future."

About AMRI

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.

Contacts

AMRI

Investors:

Mark Frost, 518-512-2211

Chief Financial Officer

or

Media:

Yolanda Meleco, 518-512-2319

Communications

or

Eli Lilly and Company

Judy Kay Moore, 317-277-6265

Mobile: 317-440-1230

Communications Manager

Lilly Research Laboratories



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