Wyeth Pharmaceuticals Acquires Haptogen Ltd. to Boost Biotechnology Drug Discovery |
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Wyeth Pharmaceuticals
555-T Lancaster Ave.
St. Davids, PA, 19087
USA
Press release date: October 5, 2007
COLLEGEVILLE, Pa., Oct. 5 -- Wyeth Pharmaceuticals, a division of Wyeth (NYSE:WYE), announced today the signing of a definitive agreement under which it has acquired Haptogen Ltd., a Scottish company based in Aberdeen that is focused on the discovery of biopharmaceutical therapies. This acquisition significantly increases Wyeth's already robust biotechnology drug discovery capabilities.
"Haptogen brings to Wyeth a suite of next-generation biotechnology discovery technologies that complement Wyeth's ongoing biotherapeutic discovery efforts," says Frank Walsh, Ph.D., Executive Vice President of Discovery, Wyeth Research. "In addition to the exciting technology and first- rate research team that we are bringing into our organization, we consider the opportunity to conduct biopharmaceutical drug discovery in Scotland particularly important because of the rich pool of scientific and technological talent."
Haptogen has developed a number of technologies that allow for the discovery and optimization of protein therapeutics with significantly improved profiles over the current generation of protein therapies. Such benefits include the potential for more convenient routes of administration as well as cell and organ penetration, opening the opportunity to address diseases that are not treatable with the first generation of protein therapeutics. Haptogen was founded in 2002 as a spin-out of the University of Aberdeen, and its facilities are located on the University of Aberdeen campus.
Through the acquisition, Haptogen becomes part of Wyeth Discovery Research. In addition to Haptogen, Wyeth has a significant ongoing research relationship in the field of translational medicine through the Translational Medicine Research Collaboration. This partnership, which was launched in 2006, includes Wyeth as well as the Universities of Aberdeen, Edinburgh, Dundee and Glasgow, regional National Health Service boards and Scottish Enterprise.
"Since Haptogen started its discussions with Wyeth, we have been impressed by the quality and commitment of the people we have met," says Jim Reid, Founder and Chief Executive Officer of Haptogen Ltd. "We believe that combining Haptogen's technology platforms with Wyeth's existing discovery and development capabilities creates the greatest opportunity for realizing the potential to bring new treatments to patients."
About Wyeth Pharmaceuticals
Wyeth Pharmaceuticals, a division of Wyeth, has leading products in the areas of women's health care, infectious disease, gastrointestinal health, central nervous system, inflammation, transplantation, hemophilia, oncology, vaccines and nutritional products. Wyeth is the fourth largest biotechnology company in the world in terms of marketed biotechnology products.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
Source: Wyeth Pharmaceuticals
CONTACT: Media: Michael Lampe, +1-484-865-1346, or Douglas Petkus, +1-973-660-5218, all of Wyeth
Web site: http://www.wyeth.com/
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