Aptuit and Siena Biotech Announce Strategic Relationship in Italy
--New models of R&D help to advance compounds in key disease areas--
GREENWICH, Conn. & SIENA, Italy, Jul 29, 2010 (BUSINESS WIRE) -- Aptuit, Inc., and Siena Biotech S.p.A., today announced a strategic partnership in which Siena Biotech will take a minority stake in Aptuit's Italian operations in Verona, Italy, and Aptuit will become a provider of choice for Siena Biotech's development pipeline. Under the agreement Aptuit and Siena Biotech will work collaboratively on the development of Siena Biotech's pipeline of compounds, focused in three key therapeutic areas, including Alzheimer's disease, Huntington's disease and oncology. Financial terms were not disclosed.
"We are delighted to strengthen our existing relationship with Siena Biotech, which will be a valuable partner as we expand our presence, particularly in the Italian marketplace," said Timothy C. Tyson, chairman and chief executive officer at Aptuit. "Siena Biotech's commitment is an important validation of the capabilities and expertise gained via our recent acquisition of the Verona Medicines Research Centre from GlaxoSmithKline."
On July 1, 2010, Aptuit announced the acquisition of operations at GlaxoSmithKline's (GSK) Medicine's Research Centre (MRC) in Verona, Italy. The addition of the Verona operations extends Aptuit's existing capabilities across the drug development spectrum with expertise in drug discovery, lead optimization, API development and manufacturing, and pre-clinical and clinical drug development. The MRC operation is also known for specific expertise in drug discovery and development in the neurosciences, which complements the needs of Siena Biotech's development pipeline.
"The effective integration of disciplines and technologies, from target discovery to clinical proof of concept studies, is essential for the development of new medicines at Siena Biotech. Aptuit has technologies, processes and skills which are complementary to those of Siena Biotech and therefore represents the ideal partner for us as we advance our drug candidates through development for a host of devastating neurodegenerative and oncologic diseases with important unmet medical needs. Furthermore, we are delighted to contribute to boost Aptuit's Verona operations, thus preserving and further increasing research and development activities as well as jobs in the pharmaceutical and biotechnology sector in Italy," commented Giovanni Gaviraghi, CEO of Siena Biotech and former R&D Director at the Glaxo MRC.
Siena Biotech is focused on identifying tools to prevent, diagnose and cure primarily central nervous system diseases, including orphan indications. The company has built a broad pipeline of optimized compounds with an emphasis on using functional data in a disease-relevant context. The company's business model actively capitalizes on partnering and forging R&D agreements in neurodegenerative and proliferative disorders, with risk/reward sharing models, such as this latest partnership with Aptuit.
About Aptuit:
Aptuit, Inc. is a global pharmaceutical services company focused on delivering contract development and manufacturing services and streamlining the drug development process for biotechnology and pharmaceutical innovators. Aptuit's employees deliver an integrated suite of product development services to more than 800 companies worldwide, driven by a deep commitment to client service, quality, and an unrivaled track record of scientific excellence. The company is partnered with Welsh, Carson, Anderson & Stowe, one of the world's leading private equity investors. For more information about Aptuit, please visit www.aptuit.com, or for more information about Aptuit's acquisition of the Verona Medicines Research Centre operations, please visit http://www.aptuit.com/Verona.
About Siena Biotech S.p.A.
Siena Biotech S.p.A. is an innovative, clinical-stage drug discovery company whose R&D efforts are focused on discovering new drugs for therapeutic intervention against neurodegenerative diseases and oncology. The company, based in Siena, Italy, is the operational company of the Monte dei Paschi di Siena Foundation in the field of scientific research and biotechnology, in line with its founding charter and mission.
Siena Biotech is structured around drug discovery platforms encompassing all skillsets and technologies needed from target identification to clinical proof of concept. The company has developed an internal portfolio of several innovative R&D projects in three therapeutic areas: Alzheimer's disease, Huntington's disease, and oncology.
More information about Siena Biotech are available at www.sienabiotech.com.