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Odyssey Thera, Inc. Announces Agreement with Lonza Inc.


3/9/2010 8:24:45 AM

SAN RAMON, Calif., March 9 /PRNewswire/ -- Odyssey Thera, Inc., announced today the signing of an agreement with Lonza to make Odyssey Thera's proprietary Protein-fragment Complementation Assay (PCA) technology, as part of compound profiling services, available to life science and drug discovery researchers. Additionally, Odyssey Thera has granted to Lonza an option to certain exclusive global technology licenses. The companies have also initiated collaborative technology, product development and marketing activities. Under terms of the agreement, Odyssey Thera will receive an equity investment and technology development funding, and is eligible to receive additional payments upon option exercise as well as milestones and royalties on Lonza sales. With the equity investment Lonza has become a minority shareholder in Odyssey Thera and joins a distinguished group of investors including Pfizer Inc. and Merck and Co.

"Odyssey Thera has created unique strategies for analyzing cellular targets in their native context and for expediting drug development. Our partnerships with top-tier pharmaceutical companies have validated the approach," said John Westwick, Ph.D., President and CEO of Odyssey. "The alliance with Lonza will accelerate technology development while driving commercialization of our PCA-based tools and services. Working with Lonza's industry-leading capabilities in primary cell culture, transfection and marketing creates an excellent growth opportunity for both companies."

About Odyssey Thera

Odyssey Thera, Inc. is a privately held drug discovery technology company focused on improving the success rate of new therapeutic development. Odyssey Thera's technology measures disease-relevant pathway activity within living human cells. Patents owned by Odyssey also cover the use of the technology in live animals and plants and for diagnostic and bioprocess applications. To learn more about Odyssey Thera, please visit www.odysseythera.com.

Lonza is headquartered in Basel, Switzerland and is listed on the SIX Swiss Exchange. In 2009, Lonza had sales of CHF 2.690 billion. Further information can be found at www.lonza.com.

CONTACT: John Westwick of Odyssey Thera, Inc., +1-925-242-5000,
info@odysseythera.com

Web site: http://www.odysseythera.com/
http://www.lonza.com/


Read at BioSpace.com


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