KENILWORTH, N.J., Jan. 20 /PRNewswire-FirstCall/ -- Schering-Plough Corporation and NeoGenesis Pharmaceuticals, Inc. announced today that they have entered into an agreement for Schering-Plough to acquire most of NeoGenesis' assets, subject to normal closing conditions. Financial terms of the transaction have not been disclosed, with a closing targeted for later this quarter.
"The planned acquisition of NeoGenesis will help strengthen the discovery capabilities of Schering-Plough, as we secure ownership of innovative drug discovery technology and intellectual property," said Fred Hassan, chairman and chief executive officer, Schering-Plough Corporation. "This acquisition is an example of our commitment to taking strategic actions that will increase our value to patients and customers, and help drive long term growth."
Headquartered in Cambridge, Mass., NeoGenesis Pharmaceuticals, Inc. is a privately held biopharmaceutical company focused on applying novel screening and chemistry technologies to discover and develop small molecule drugs. Schering-Plough and NeoGenesis have had a research collaboration since 1999.
"We are especially excited about the caliber of scientists at NeoGenesis and accessing the stimulating scientific environment within the Cambridge and greater Boston area," added Hassan. "We hope that most of NeoGenesis personnel will join Schering-Plough at the time of the closing.
Henry Skinner, Ph.D., president and CEO of NeoGenesis Pharmaceuticals, Inc., said, "We are very pleased to announce Schering-Plough's agreement to acquire NeoGenesis. We have had a highly successful and productive long term collaboration between NeoGenesis and Schering-Plough and are looking forward to the next phase of this relationship. It is especially rewarding to have NeoGenesis' highly skilled employees and technical competitive advantages recognized and valued in this way."
DISCLOSURE NOTICE: The information in this press release includes certain "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995, including the discovery capabilities of Schering-Plough and the timing of the anticipated turnaround. Schering-Plough does not assume any obligation to update any forward-looking statement. Actual results may vary materially from forward-looking statements due to many factors, including competition, market conditions and regulations. For further details about these factors and other risks and uncertainties that may impact Schering- Plough's forward-looking statements, see Schering-Plough's Securities and Exchange Commission filings, including the company's third quarter 2004 10-Q.
Schering-Plough is a global science-based health care company with leading prescription, consumer and animal health products. Through internal research and collaborations with partners, Schering-Plough discovers, develops, manufactures and markets advanced drug therapies to meet important medical needs. Schering-Plough's vision is to earn the trust of the physicians, patients and customers served by its more than 30,000 people around the world. The company is based in Kenilworth, N.J., and its Web site is http://www.schering-plough.com/.
NeoGenesis Pharmaceuticals, Inc. is a drug discovery company which uses it proprietary affinity-based screening technologies and integrated chemical library and chemistry approaches to discover and develop a portfolio of small molecule drugs, both for itself and for its collaboration partners. The company's widely applicable and unbiased affinity-based technologies, coupled with its proprietary library of diverse drug-like compounds, provide efficiency in lead discovery and optimization, NeoGenesis' core technology, the Automated Ligand Identification System (ALIS), is a rapid, affinity-based system for identifying and optimizing novel drug leads that in many cases may not have been identified with traditional screening approaches. Coupled with the company's NeoMorph compound library, ALIS enables the identification and optimization of novel and selective drug leads against validated and emerging new targets. The company was founded in 1997 and is headquartered in Cambridge, Massachusetts.
CONTACT: Media - Rosemarie Yancosek, +1-908-298-7476, Investors - AlexKelly, +1-908-298-7450, or Janet M. Barth, +1-908-298-7417, all of Schering-Plough Corporation; or Henry B. Skinner, +1-908-672-8181, or Bill Monigle,+1-603-424-1184, both of NeoGenesis