Germany's Bayer Schering Pharma has entered into an exclusive license agreement with Celera Corporation, California, USA, to provide the former with access to five cancer-related targets for therapeutic development and in-vivo diagnostic imaging.
Under the terms of the agreement, Bayer Schering Pharma will pay Celera a one-time fee for the exclusive access to the five targets. The therapeutic targets were identified by Celera's proteomics discovery platform.
Additional payments will be due upon achievement of certain development and commercial milestones. Further, upon commercialisation 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 professor 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, PhD, 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.''
Celera is a healthcare business delivering personalised disease management through a combination of products and services incorporating proprietary discoveries.
The Bayer Group is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Bayer HealthCare, a subsidiary of Bayer AG, is one of the world's leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the animal health, Bayer Schering Pharma, consumer care and medical care divisions.
Bayer Schering Pharma is a worldwide leading specialty pharmaceutical company. Its research and business activities are focused on the following areas: diagnostic imaging, general medicine, specialty medicine and women's healthcare.