Pharmacopeia

Ligand inks $70M deal for Pharmacopeia

John Carroll — Thu, 25 Sep 2008 11:36:31 -0400

San Diego-based Ligand Pharmaceuticals says it will pay $70 million to acquire Pharmacopeia. The acquisition is a stock-for-stock deal. In addition, Pharmacopeia stockholders will be entitled to a Contingent Value Right that entitles holders under certain circumstances to a cash payment of an aggregate of $15 million.

In the deal, Ligand will issue about 17.5 million shares, 0.58 shares for each outstanding share of Pharmacopeia. The deal provides Pharmacopeia shareholders with a 52 percent premium. Current Ligand shareholders will own 84 percent of the combined company.

"We are very excited about combining Pharmacopeia with Ligand," said John L. Higgins, the CEO of Ligand. "...This is a unique opportunity for Ligand and Pharmacopeia shareholders. Both companies have similar growth strategies, and our respective drug discovery platforms are a great marriage of biology and chemistry resources. The acquisition of Pharmacopeia will complement and accelerate our product development programs, strengthen our research capability and increase our potential royalty streams."

- read Ligand's release
- check out the AP report

Pharmacopeia axes staff in second round of cuts

John Carroll — Tue, 05 Aug 2008 12:30:13 -0400

In its second big round of cuts in three months, Pharmacopeia says it is axing 40 percent of its staffers. That amounts to 64 workers, according to the Star-Ledger. Last May, the developer axed 15 percent of its staff.

Pharmacopeia says it will begin a Phase II clinical trial for PS433540, focusing on the indication of diabetic nephropathy. "The company is also considering opportunities to partner the development of PS433540 for various indications and is evaluating various strategic initiatives intended to further the development of the company's business and enhance shareholder value," according to a statement

PS433540 delivered promising data in a mid-stage trial last May, demonstrating its ability to reduce blood pressure in patients with mild to moderate hypertension. Seven more therapies are in the clinic, and some have been partnered with Schering-Plough and Bristol-Myers Squibb.

- read Pharmacopeia'a release

Pharmacopeia cuts 15% of workforce

Fri, 30 May 2008 06:59:57 -0400

In an effort to streamline its business and save cash, Pharmacopeia is laying off 15 percent of its workforce and decreasing "other expenses through improved operational efficiencies and increased financial discipline." The layoffs are part of the company's ongoing effort to focus resources on clinical and later-stage discovery programs.

Earlier this month Pharmacopeia announced positive trial results for PS433540, a hypertension drug. In a statement, interim CEO Joseph Mollica said it was the right time to put more resources towards the drug development. "In order to maximize shareholder value it is essential that we focus our efforts on the programs that can provide the greatest return," noted Mollica. The company is also testing PS433540 as a kidney disease treatment. Pharmacopeia expects the layoffs and other cost reduction efforts to save $10 million in 2009.

- see Pharmacopeia's release

Pharmacopeia shares rise on blood pressure data

Fri, 16 May 2008 06:59:54 -0400

Pharmacopeia's shares were up today on trial results for PS433540, a hypertension drug. Data showed 'significant' blood pressure reductions in a Phase IIa study in patients with mild to moderate hypertension. The company is also testing PS433540 as a kidney disease treatment.

"We are very pleased with the results of this important Phase IIa trial and look forward to future studies which will further assess the potential of PS433540, perhaps even beyond blood pressure lowering...We believe PS433540's dual mechanism of action may have a positive effect on diabetic kidney disease," said Joseph A. Mollica, Ph.D., Chairman of the Board and Interim President and Chief Executive Officer of Pharmacopeia.

- take a look at Pharmacopeia's release

AEterna's CEO, CBO resign

Fri, 11 Apr 2008 06:59:56 -0400

David Mazzo announced that he's resigning from AEterna Zentaris after exactly one year as CEO. Reasons for the move were not disclosed. Board chairman Juergen Ernst will serve as interim President and CEO until a replacement can be found. Senior VP and chief business officer Ellen McDonald also resigned--no word yet on who will replace her. Both resignations take effect immediately.

Additionally, the company said that it will look to sell additional non-core assets as a source of non-dilutive funding.

- read the release

ALSO: Pharmacopeia's CEO Leslie Browne has resigned in order to pursue other interests. His resignation was effective April 9. Release

Related Articles:
AEterna files iNDA. Aeterna report
AEterna Zentaris announces ZEN-012 data. AEterna report
AEterna regains rights to Cetrorelix. AEterna report

Solvay expands development pact with Wyeth

Wed, 10 Jan 2007 19:01:35 -0500

Solvay and Wyeth Pharmceutical are expanding their existing neuroscience co-development and co-commercialization agreement to include research in neuroscience. The neuroscience co-development and co-commercialization partnership announced in April 2004 between Solvay and Wyeth resulted in an NDA for bifeprunox for the treatment of patients with schizophrenia. Meanwhile development continues on two other early-phase neuroscience projects, SLV313 and SLV314, which were part of that agreement.

- check out the release on the deal

Related Articles:
Solvay earns $25M as obesity drug advances. Report
Wyeth licenses Pharmacopeia's JAK3 program. Report

Press Release: Pharmacopeia Enters Into a Research and License Agreement With Wyeth

Maureen Martino — Thu, 04 Jan 2007 12:23:55 -0500

Pharmacopeia Enters Into a Research and License Agreement With Wyeth to Develop Novel JAK3 Inhibitors for the Treatment of Immunological and Inflammatory Diseases

PRINCETON, N.J., Jan. 4 -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, today announced the signing of an exclusive Research and License Agreement with Wyeth Pharmaceuticals, a division of Wyeth (NYSE: WYE - News). The alliance is based on Pharmacopeia's JAK3 inhibitor program and it will be focused on the research, development and commercialization of JAK3 inhibitor-based therapeutic products. Inhibition of JAK3 has been shown in both preclinical and clinical studies to modulate disease outcomes, and given its critical function in activated T-cells, offers significant potential for the development of novel and improved treatments for rheumatoid arthritis, psoriasis and certain other immunological conditions.

The companies each have the exclusive right to develop and commercialize products resulting from the research collaboration. Pharmacopeia retains the right to develop and commercialize therapeutic products for the treatment of dermatological and ocular diseases via topical administration, and Wyeth has the right to develop therapeutic products for all other indications and routes of delivery.

Under the terms of the agreement, Pharmacopeia will receive a $5 million upfront payment and may also receive, over the next three years, up to $9 million in research funding. In addition, Pharmacopeia may receive up to $175 million upon Wyeth's achievement of certain preclinical, clinical, regulatory and commercialization milestones, as well as double-digit royalties on the net sales of any products commercialized by Wyeth under the collaboration. Each company is responsible for all development, regulatory, manufacturing and commercialization activities for the products it develops and commercializes in its field.

"This agreement with Wyeth reflects our progress on JAK3, an innovative and attractive target in immunoregulation. It provides Pharmacopeia with research funding to further advance the JAK3 program, and recognizes the value already built up by Pharmacopeia," noted Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "Wyeth, with its global franchises and significant expertise in the development of therapeutics for both autoimmune disease and transplantation, is an ideal partner for Pharmacopeia for the JAK3 program. Importantly, Pharmacopeia retains certain rights that allow us to build our own clinical portfolio," continued Dr. Browne.

ABOUT PHARMACOPEIA

Pharmacopeia is committed to discovering and developing novel therapeutics to address significant medical needs. The Company has a broad portfolio advancing towards clinical validation, both independently and with partners. Pharmacopeia's most advanced internal program is a dual-acting angiotensin and endothelin receptor antagonist (DARA) for resistant hypertension and diabetic kidney disease that is currently in preclinical development. Other internal proprietary programs address immunoregulation. Three partnered programs are in active Phase I clinical trials: p38 MAP kinase inhibitors for rheumatoid arthritis, CXCR2 antagonists for chronic obstructive pulmonary disease (COPD), and an enzyme inhibitor for oncology. Six additional partnered compounds are in preclinical development. Pharmacopeia's discovery, development and commercialization partnerships are with leading pharmaceutical companies including GlaxoSmithKline, Bristol Myers-Squibb, Organon, Schering-Plough, Cephalon, Celgene and Wyeth.

This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, goal, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward- looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia's strategic plans, Pharmacopeia's and Wyeth's abilities to successfully perform under their collaboration, Pharmacopeia's plans to develop its DARA program and file an IND with respect to the program, Pharmacopeia's ability to successfully perform under its collaborations with Cephalon and GlaxoSmithKline, Pharmacopeia's ability to build its pipeline of novel drug candidates through its own internally-funded drug discovery programs, third party collaborations and in-licensing, the continuation and funding level of such continuation of Pharmacopeia's existing drug discovery collaboration with N.V. Organon, Pharmacopeia's intentions regarding the establishment of new drug discovery collaborations with leading pharmaceutical and biotechnology organizations, Pharmacopeia's ability to raise additional capital, Pharmacopeia's expectations concerning the development priorities of its collaborators, their ability to successfully develop compounds and its receipt of milestones and royalties from the collaborations, Pharmacopeia's anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia's expectations concerning the legal protections afforded by U.S. and international patent law, Pharmacopeia's ability to pursue the development of new compounds and other business matters without infringing the patent rights of others, additional competition, and changes in economic conditions.

Further information about these and other relevant risks and uncertainties may be found in Pharmacopeia's Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Pharmacopeia urges you to carefully review and consider the disclosures found in its filings which are available in the SEC EDGAR database at http://www.sec.gov and from Pharmacopeia at http://www.pharmacopeia.com. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.

Wyeth licenses Pharmacopeia's JAK3 program

Wed, 03 Jan 2007 19:01:35 -0500

Wyeth Pharmaceuticals has struck a development pact involving Pharmacopeia's JAK3 inhibitor program. The program focuses on the activation of T-cells for rheumatoid arthritis, psoriasis and other immunological conditions. Pharmacopeia retains commercialization rights for the treatment of dermatological and ocular diseases via topical administration while Wyeth gains all other rights in exchange for a $5 million upfront payment, up to $9 million in research funds over three years and up to $175 million in milestone payments.

- here's the release on the licensing deal

Related Articles:
GSK, Pharmacopeia enter discovery alliance. Report
Wyeth, Ablynx ink licensing deal for Nanobodies. Report

DEALS: AstraZeneca buys CAT for $1.3B

Wed, 24 May 2006 20:01:32 -0400

AstraZeneca buys CAT for $1.3B

DEALS
WHO	WITH	WHAT	SCOOP
AstraZeneca	CAT	$1.3B buyout	AstraZeneca is buying out Cambridge Antibody Technology for $1.3 billion. The deal adds new antibody therapies to AZ's pipeline.
Quest Diagnostics	Focus Diagnostics	$185M buyout	Quest has agreed to buy Focus for $185M. Focus provides genetic testing along with a host of tests for infectious diseases.
Dishman Pharmaceuticals	Solutia	$74.5M buyout	India's Dishman Pharmaceuticals has inked a deal to buy Solutia's pharmaceutical services division for $74.5M.
Avanir Pharmaceuticals	Alamo Pharmaceuticals	$69M buyout	Avanir Pharmaceuticals has agreed to buy Alamo Pharmaceuticals for $29M up front and another $40M in scheduled sales milestones.
Diatos	Gilead	$4.7M licensing deal	French biotech Diatos has in-licensed the cancer drug DaunoXome from Gilead Sciences and plans to file for European approval to use the drug for acute myeloid leukemia.
Roche	Entelos	Collaboration	The companies have announced a two year collaboration in metabolic disease research. Roche will provide R&D funding and milestone payments.
Esprit Pharma	Novavax	Collaboration	Esprit Pharma has inked a deal to collaborate with Novavax on the development of a mid-stage testosterone therapy for women with sexual dysfunction.
Pharmacopeia	Cephalon	$15M development deal	Pharmacopeia has launched a drug discovery partnership with Cephalon for an up-front fee of $15M. Cephalon will identify compounds and both companies will work together to develop them.
TPG-Axon Capital	Quintiles	Development deal	Hedge fund TPG-Axon Capital has inked a deal to work with Quintiles to develop new drugs. TPG-Axon Capital will help fund drug development work through the CRO's subsidiary, NovaQuest.
China Biopharmaceuticals	RACP Pharmaceutical Holdings	Purchase	China Biopharmaceuticals has reached a deal to purchase all of the shares in RACP Pharmaceutical Holdings and its wholly owned subsidiaries, including Shenyang Enshi Pharmaceutical.

Pharmacopeia and Cephalon ink development deal

Mon, 22 May 2006 20:01:37 -0400

Pharmacopeia has launched a drug discovery partnership with Cephalon for an up-front fee of $15 million. Cephalon will identify compounds and both companies will work together to develop them. Whichever company chooses to develop a candidate will agree to pay the other a schedule of milestone payments.

- read this AP report

ALSO NOTED: Array BioPharma reaches milestone; Cytokinetics launches trial; and much more...

Sun, 16 Apr 2006 20:00:50 -0400

> Array BioPharma has reached a milestone in its collaboration with Genentech. Release

> Cytokinetics has launched a Phase I/II trial of SB-743921, a Kinesin Spindle Protein inhibitor. Release

> Schering-Plough has selected a compound identified in its collaboration with Pharmacopeia for preclinical development in metabolic disease. Release

> Dainippon Sumitomo Pharma has granted rights to the development, manufacture and marketing of Gasmotin in 10 Asian countries to Eisai. Release

And Finally… A group of plaintiffs' attorneys is offering up a package of documents outlining the case against Vioxx in exchange for 3 percent to 6 percent contingency fees. Lawyers say the package will significantly cut the cost of mounting a legal attack on Merck. Article (WSJ sub. req.)

DEALS: GSK, Sirna sign $700M development deal

Wed, 12 Apr 2006 20:01:32 -0400

GSK, Sirna sign $700M development deal

DEALS
WHO	WITH	WHAT	SCOOP
GSK	Sirna Therapeutics	Development deal	Sirna Therapeutics will develop RNAi therapies for respiratory diseases in a deal worth up to $700 million.
GSK	Pharmacopeia	Research agreement	GSK will pay Pharmacopeia $15 million and the companies will collaborate to deliver therapeutic candidates for development.
Abbott	Myriad Genetics	Research agreement	Abbott and Myriad Genetics have entered into a five-year research agreement to identify new therapeutic targets
Ono Pharmaceutical	Medarex	Development deal	The companies will develop a fully human anti-SDF-1 antibody.
EPIX	Predix	Merger	EPIX will pay $90 million for Predix and gain several advanced clinical programs.
Adventrx Pharmaceuticals	SD Pharmaceuticals	Buyout	Adventrx Pharmaceuticals will buy SD Pharmaceuticals for 2.1 million Adventrx shares. Adventrx will gain rights to eight oncology and infectious disease products.
Daiichi Sankyo	Astellas	Purchase	Daiichi Sankyo has purchased the OTC unit of Astellas for 20 billion yen.
Biogen Idec	Astellas Pharma	Sale	Biogen Idec sold its underperforming psoriasis drug Amevive for $60 million to Astella as part of Biogen's restructuring plan, announced last fall as it grappled with Tysabri problems.
GSK	Kissei	Licensing deal	GSK will pay up to $98 million for Kissei's experimental diabetes drug, which is still in the preclinical stage.
Santen Pharmaceutical	Oakwood	Licensing deal	Santen has licensed the microsphere formulation of a steroid (DE-102) for diabetic macular edema from Oakwood.
AlphaRx	Proprius Pharmaceuticals	Licensing deal	The companies have entered into a license agreement giving Proprius exclusive global rights to AlphaRx's topical NSAID, Indaflex, currently in Phase II trials for osteoarthritis.

ALSO NOTED: Bayer ups Schering bid; Antibiotic may work against serious asthma attack; and much more...

Wed, 12 Apr 2006 20:00:50 -0400

> Bayer slightly upped its official bid for Germany's Schering, offering $20.01 billion. Schering's board has recommended the offer. Report

> Researchers say the antibiotic telithromycin, usually used to treat sinusitis, may also help people deal with serious asthma attacks. Report

> Pharmacopeia Drug Discovery will gain a milestone on Schering-Plough's decision to develop one of its compounds for respiratory illness. Report

> Fisher Scientific International is buying Clintrak Pharmaceutical Services for $125 million. Clintrak provides clinical trial printing services. Report

> Edinburgh-based Ardana says that its cream for testosterone deficiency passed a mid-stage trial with 42 patients. Article

> Novacea has launched a Phase III trial for its cancer therapy DN-101. Release

> Chutes & Ladders: ArQule CFO Louise Mahoney is leaving, but plans to stay on until her successor has been named. Report

And Finally… A British court ruling may clear the way for hundreds of women to obtain the breast-cancer therapy Herceptin. Article

ALSO NOTED: Schering-Plough to develop Pharmacopeia compound;Epsilon purchases shares of Cellegy; and much more...

Mon, 10 Apr 2006 20:00:50 -0400

> Schering-Plough will develop a compound identified by Pharmacopeia as part of the companies' ongoing collaboration, triggering milestone payments for Pharmacopeia. The compound is being evaluated as a potential treatment for respiratory disease. Release

> Epsilon Pharmaceuticals has acquired the shares of Cellegy Australia in exchange for $1.25 million in cash. Release

> Chiron has initiated a Phase I trial for CHIR-265 in melanoma. Release

> The FDA has ruled out RU-486 in one of two deaths in women who had taken the drug and subsequently contracted a rare infection. Report

> Consumer advocacy organization Public Citizen wants GlaxoSmithKline's Xenical removed from the market, saying that the drug's risks outweigh its benefits. Report

> Some researchers are accusing drug companies of "disease mongering," a tactic that raises awareness of non-existent diseases or exaggerates mild problems to boost profits. Article

And Finally... If you're afraid of needles, help may be on the way. A "nanopatch" in development could render injections obsolete. Article

GSK, Pharmacopeia enter discovery alliance

Wed, 29 Mar 2006 19:01:36 -0500

Pharmacopeia and GSK have entered into a drug discovery and development alliance in which the companies will collaborate to deliver therapeutic candidates. Pharmacopeia will work on discovering active molecules and bring them forward to clinical proof of concept and GSK will be responsible for Phase III trials and commercialization. Pharmacopeia will receive $15 million in cash payments from GSK, and each successful drug candidate could garner Pharmacopeia $83 million plus royalties.

- see this release for more

PLUS: Tokyo's Ono Pharmaceutical and Medarex have signed a deal to develop a fully human anti-SDF-1 antibody. Release

ALSO: Another Tokyo-based company, Santen Pharmaceutical, has licensed the microsphere formulation of a steroid (DE-102) for diabetic macular edema from Oakwood of Ohio. Release

ALSO NOTED: Cell Genesys arranges financing; GenVec expands TNFerade trial; Wisconsin to build flu research center;and much mor

Tue, 14 Mar 2006 19:00:50 -0500

> Cell Genesys of South San Francisco has arranged $75 million in financing from Kingsbridge Capital over the next three years. Report

> The FDA has given GenVec approval to expand a mid-stage trial of TNFerade for pancreatic cancer into a Phase II/III study. GenVec also announced that Kingsbridge Capital will provide $30 million in financing over three years. Report

> Wisconsin is devoting $9 million to a new research facility for pandemic flu viruses like bird flu. The 20,000 square-foot facility will be built in University Research Park in Madison. Report

> Pharmacopeia is expanding its collaboration deal with Neurocrine Biosciences. Report

> DuPont will cut 1,500 jobs and close facilities in Europe as part of its restructuring of its performance coatings division. Report

> Avant Immunotherapeutics has amended an agreement to accelerate a $40 million milestone payment. Release

> Nastech has entered into a multi-compound agreement with Novo Nordisk. Release

And Finally… As Sweden and Denmark were added to the list of countries confirming bird flu, HHS Secretary Michael Leavitt repeated warnings that the virus was likely to wind up on American shores in a matter of months. Article

C&L: McClintic joins Exagen as CEO

Tue, 25 Oct 2005 20:01:32 -0400

James McClintic has joined the Exagen Diagnostics as president and CEO.

Cumbre announced that Barry Hafkin, M.D., has joined the company as president and CEO.

Dr. Lorne Tyrrell has been named CEO of ViRexx Medical.

Bill Gruber has joined Hemedex as the company's president.

Steven A. Shallcross has resigned from Advancis. Robert C. Low, who has served as corporate controller since joining Advancis in August 2003, has been promoted to vice president of finance and acting CFO.

US Oncology has named Bruce D. Broussard president for US Oncology Holdings and its operating company, US Oncology, Inc.

Clinical Data announced the appointment of Drew Fromkin to the newly created position of executive vice president and chief marketing officer.

OrthoLogic has appointed Dana B. Shinbaum to the position of vice president of business development.

West Pharmaceutical Services has elected Paula A. Johnson, M.D., MPH, to its board.

Pharmacopeia has elected Carol A. Ammon to its board of directors.

QuatRx Pharmaceuticals has named Anders P. Wiklund to its board of directors.

Sirna strikes multimillion-dollar licensing deal for AMD project

Wed, 28 Sep 2005 20:01:36 -0400

Sirna Therapeutics will pocket $5 million up front and could earn up to $245 million more in a drug development partnership with Allergan. The deal centers on Sirna's early-stage genetically-based therapy for age-related macular degeneration and other eye conditions. Allergan is already in an AMD partnership with Pharmacopeia Drug Discovery.

- read this AP report for more

SPOTLIGHT: Pharmacopeia teams with Allergan

Mon, 11 Jul 2005 20:01:33 -0400

Pharmacopeia and Irvine, California-based Allergan will collaborate in researching compounds for age-related macular degeneration. "We are working with Allergan to investigate alternate mechanistic approaches that could complement or potentially improve upon existing therapies," said Dr. David M. Floyd, chief scientific officer of Pharmacopeia. Release