COLLEGEVILLE, Pa. and SAN DIEGO, Sept. 18 /PRNewswire/ -- Wyeth Pharmaceuticals, a division of Wyeth (NYSE: WYE - News) and Ambrx Inc. today announced the formation of a worldwide alliance to discover, develop, and commercialize protein drug candidates for three undisclosed targets in multiple therapeutic areas. The alliance will capitalize on Ambrx's recent breakthroughs in applying its protein medicinal chemistry platform to proteins produced in mammalian cells such as antibodies and antibody-toxin conjugates.
Ambrx anticipates earning near term payments from an upfront commitment, target loading fees and research funding. In addition, Ambrx will be eligible to receive escalating preclinical, clinical, regulatory and commercial milestone payments as well as tiered royalties on sales of products resulting from the collaboration.
"This collaboration with Ambrx reinforces Wyeth's commitment to sustaining and growing our already robust capabilities in the field of biologics drug discovery through partnerships with biotech innovators," said Mikael Dolsten, M.D., Ph.D., President, Wyeth Research. "We are enthusiastic about working with Ambrx, a company with the ability to create and advance precisely engineered biologic drug candidates into clinical trials using its proprietary platform."
Stephen Kaldor, Ph.D., President and CEO of Ambrx, said: "Wyeth is a long-standing leader in protein therapeutics with a strong record of successfully developing innovative products. We are pleased that Wyeth recognizes the power of the Ambrx EuCODE(TM) platform and look forward to collaborating with Wyeth's talented personnel to produce the next generation of biologic drugs."
Ambrx Inc. is a clinical stage biopharmaceutical company with a broad biologics platform that allows it to create best-in-class therapeutics, including improved versions of native proteins and therapeutic antibodies. Its most advanced product candidate, ARX201, is a long-acting growth hormone partnered with Merck Serono that has successfully completed initial clinical trials. The company has further validated its biologics platform through additional partnerships with Merck Serono, Eli Lilly and Company and Merck & Co. Ambrx is advancing a robust portfolio of product opportunities spanning multiple therapeutic areas that are high optimized for efficacy, safety and ease of use. For additional information, visit www.ambrx.com.
Wyeth Pharmaceuticals, a division of Wyeth, has leading products in the areas of women's health care, infectious disease, gastrointestinal health, central nervous system, inflammation, transplantation, hemophilia, oncology, vaccines, and nutritional products. Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing, and marketing of pharmaceuticals, vaccines, biotechnology products, nutritionals and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
The statements in this press release that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, among others, risks related to our proposed merger with Pfizer, including satisfaction of the conditions of the proposed merger on the proposed timeframe or at all, contractual restrictions on the conduct of our business included in the merger agreement, and the potential for loss of key personnel, disruption in key business activities or any impact on our relationships with third parties as a result of the announcement of the proposed merger; the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products and pipeline products; government cost-containment initiatives; restrictions on third-party payments for our products; substantial competition in our industry, including from branded and generic products; emerging data on our products and pipeline products; the importance of strong performance from our principal products and our anticipated new product introductions; the highly regulated nature of our business; product liability, intellectual property and other litigation risks and environmental liabilities; the outcome of government investigations; uncertainty regarding our intellectual property rights and those of others; difficulties associated with, and regulatory compliance with respect to, manufacturing of our products; risks associated with our strategic relationships; global economic conditions; interest and currency exchange rate fluctuations and volatility in the credit and financial markets; changes in generally accepted accounting principles; trade buying patterns; the impact of legislation and regulatory compliance; risks and uncertainties associated with global operations and sales; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual report on Form 10-K, particularly the discussion under the caption "Item 1A, Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2008, which was filed with the Securities and Exchange Commission on February 27, 2009. The forward-looking statements in this press release are qualified by these risk factors. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Heidi Chokeir, Ph.D.