RADNOR, Pa., May 18 /PRNewswire-FirstCall/ -- Centocor, Inc. announced today that its parent company, Johnson & Johnson, has acquired Egea Biosciences, Inc. of San Diego. Financial terms were not disclosed.
The acquisition of Egea, the pioneers of a technology platform designed to optimize protein therapeutics, will strengthen Centocor's position as a leader in biomedicines and protein therapeutics technology. Egea's technology will be used to create product candidates that Centocor can further develop, manufacture and market. The two companies previously announced an exclusive research collaboration on May 13, 2003.
The integration of Egea will enhance Centocor's commitment to protein therapeutics technology and biomedical research and development.
"Bringing together these two innovative companies reflects our common mission of transforming patients' lives through products that treat, and ultimately cure, debilitating or life-threatening diseases," said Jay P. Siegel, M.D., President, Centocor Research & Development. "We share a commitment to patients and health care professionals to pursue solutions to unmet medical needs. Delivering on that commitment begins in laboratories like Egea's. We are extremely fortunate to add to our group the employees of Egea with their passion for innovative biomedical technologies."
Egea Biosciences was founded in 2000 by Glen Evans, M.D., Ph.D. Prior to establishing Egea, Dr. Evans was a leading investigator in the Human Genome Project and held positions at the University of Texas Southwestern Medical Center at Dallas, and at the Salk Institute. Egea's platform technology enables, for the first time, the optimization of biologics and antibodies for therapeutic use through proprietary large-scale gene synthesis.
"We are pleased that Egea's core technology for gene synthesis and protein design will now become an important tool in Centocor's drug development effort," said Glen A. Evans, M.D., Ph.D., Chief Executive Officer and Founder of Egea Biosciences, Inc. "Developing the critical medicines for the future will remain a key focus for Egea's advanced technology platforms."
Centocor is a leading biomedicines company that creates, acquires and markets cost-effective therapies that yield long-term benefits for patients and the health care community. The company is dedicated to the research and development of treatments for a wide range of Immune-Mediated Inflammatory Disorders (I.M.I.D.), such as arthritis, and inflammatory skin diseases, and for cancer, cardiovascular and metabolic and infectious diseases. Centocor's products, developed primarily through monoclonal antibody technology, help physicians deliver innovative treatments to improve human health and restore patients' quality of life. Centocor is a wholly owned subsidiary of Johnson & Johnson, the worldwide manufacturer of health care products.
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CONTACT: Media, Ron Schmid of Centocor, Inc., +1-215-325-6042, or Mobile- +1-610-659-3985; or Investor - Helen Short, +1-732-524-6491, or StanPanasewicz, +1-732-524-2524, both of Johnson & Johnson