The FINANCIAL — Bayer Schering Pharma AG, Germany, has entered into an exclusive license agreement with Celera Corporation, California, USA, providing Bayer Schering Pharma with access to five cancer-related targets for therapeutic development and in-vivo diagnostic imaging. These therapeutic targets were identified by Celera's proteomics discovery platform.
Under the terms of the agreement, Bayer Schering Pharma will pay Celera a one-time fee for the exclusive access to the five targets. Additional payments are due upon achievement of certain development and commercial milestones. Further, upon commercialization of a product Celera is entitled to royalties based on net sales of a product.
“This agreement allows us to expand our existing research portfolio in the area of cancer-related targets,” said Prof. Khusru Asadullah, MD, Head of Target Discovery at Bayer Schering Pharma. “We look forward to exploring the full potential of these promising target candidates with regard to therapeutic interference for anti-tumor therapy as well as in in-vivo diagnostic imaging.”
“This agreement combines the strength of our novel proteomics target discovery platform with Bayer Schering Pharma’s expertise in research and development,” said Steve Ruben, Ph.D., vice president of proteomic research at Celera. “We believe this new relationship with Bayer Schering Pharma allows us the flexibility to advance part of our broad pipeline of validated targets for additional future value.”
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