WALTHAM, Mass.--(BUSINESS WIRE)--March 21, 2006--PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS) today announced that it has signed a technology transfer and option agreement with Gilead Sciences, Inc. Under the agreement, PRAECIS will utilize its proprietary DirectSelect(TM) technology to identify lead drug candidates for an antiviral target supplied by Gilead. The companies will collaborate to identify lead molecules that have defined activities against the antiviral target. Each company will fund its own resources during the course of the research collaboration. PRAECIS will own any lead molecules identified during the course of the research collaboration. Gilead has an exclusive option to enter into a license agreement for any lead molecules so identified.
