Collaboration to Pursue Numerous Target-Specific Chemistries in Eye Careand Other Indications
SAN DIEGO, CA, April 15, 2003 - ACADIA Pharmaceuticals announced todayit has established a new drug discovery and development collaboration with Allergan,Inc. (NYSE: AGN). The collaboration, which will focus predominantly on eye careapplications, combines ACADIA's chemical-genomics platform and discovery assetswith Allergan's world-class expertise in the discovery, development and commercializationof innovative new therapeutics. This new agreement represents the parties' thirdmajor collaboration since 1997.
The collaboration will leverage ACADIA's extensive base of biological and chemicalassets, including novel chemistries that ACADIA has identified for a wide rangeof G-protein coupled receptor and nuclear receptor targets. Under the agreement,the parties will use these target-specific chemistries to explore a range ofdiscovery opportunities. Allergan will have the exclusive right to license chemistryand related assets for up to three drug targets. ACADIA will receive an upfrontpayment, research funding and additional fees over a three-year term. ACADIAis also eligible to receive license fees and milestone payments as well as royaltieson future product sales worldwide. Assuming the successful development of aproduct for just one of the drug targets, ACADIA will receive up to $32 millionin aggregate payments, excluding royalties.
"This collaboration provides Allergan with an opportunity to explore potentialdrug targets and novel chemistries for eye care and other strategic applications,"said Lester J. Kaplan, Ph.D., Allergan's President of R&D. "We lookforward to the discovery of new therapeutic approaches for a range of importantindications."
"We are delighted to expand our strong scientific collaboration with Allergan,"said Mark R. Brann, Ph.D., President and CSO of ACADIA. "Our teams workvery well together, and the science of this new collaboration is going to beespecially exciting. With so many target-specific chemistries, we have an unprecedentednumber of approaches to explore. Combining this with Allergan's exceptionalstrength in eye care research, we hope to identify completely new approachesto the treatment of various ophthalmic diseases."
ACADIA Pharmaceuticals is a drug discovery and development company that efficientlydiscovers novel small molecule drug candidates using its proprietary chemical-genomicsplatform. ACADIA has applied its platform to generate a broad discovery pipelinedirected at large unmet medical needs including Parkinson's disease, chronicpain, psychosis, and glaucoma. Two of ACADIA's drug candidates have been successfullyadvanced from initial discovery to clinical development, and several additionalprograms are in late-stage preclinical testing. ACADIA's corporate headquartersas well as its biological research facilities are located in San Diego, Californiaand its chemistry research facilities are located in Copenhagen, Denmark.
Allergan, Inc., with headquarters in Irvine, California, is a technology-driven,global health care company providing eye care and specialty pharmaceutical productsworldwide. Allergan develops and commercializes products in the eye care, neuromodulatorand skin care markets that deliver value to our customers, satisfy unmet medicalneeds, and improve patients' lives.
Contacts:
ACADIA Pharmaceuticals
Mark R. Brann, Ph.D., President and CSO
Douglas E. Richards, VP of Business Development
+1 858 558 2871