Symyx Technologies to Benefit From Minority Interest in Ilypsa
Company Created Using Symyx High-Throughput Technologies Expected to Be Acquired by Amgen for $420 Million
SANTA CLARA, Calif. -- Symyx Technologies, Inc., a global leader in helping companies maximize the effectiveness and success of their R&D programs, today announced that Ilypsa, a company formed in 2003 as a spin-out from Symyx, is expected to be acquired by Amgen, a leading human therapeutics company in the biotechnology industry. Under the terms of the agreement, Amgen is expected to pay $420 million in cash to acquire Ilypsa, subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of 2007. Symyx owns approximately 10% of Ilypsa, on a fully diluted basis, which it received in exchange for the transfer of certain intellectual property and technology at the time of Ilypsa’s formation.
“The success of Ilypsa is a testament to the value creation potential within Symyx,†said Isy Goldwasser, president of Symyx Technologies. “While we are pleased with the expected financial outcome, we are especially pleased that Ilypsa demonstrates how Symyx technology, when paired with a very talented team having domain expertise, can create valuable products in record time.â€
Using Symyx’s proprietary high-throughput discovery and development platform, Ilypsa has rapidly created non-absorbed polymeric phosphate binder to treat hyperphosphatemia in chronic kidney disease patients on hemodialysis, and has additional programs in kidney, infectious and metabolic diseases.
About Symyx
Symyx Technologies, Inc. is a global provider of R&D execution and innovation for the chemicals, energy, life sciences, consumer products and other industries. Symyx develops and applies high-throughput research technologies and research software for customers. We work with customers to speed and improve research, discovery and development of new products. Symyx provides collaborative research services, electronic lab notebook and scientific decision-support software and instruments to integrate and automate laboratory experimentation. Symyx has over 325 issued patents and over 320 patent applications on file worldwide protecting our methods, discoveries, instruments and software. Information about Symyx, including reports and other information filed by Symyx with the Securities and Exchange Commission, is available at www.symyx.com.
The statements contained in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, without limitation, Symyx’ expectations that Amgen will acquire Ilypsa as described and that the transaction will close in the third quarter of 2007. These forward-looking statements involve risks, uncertainties and assumptions, including the risk that the transaction may not close due to failure of closing conditions or other reasons. Symyx assumes no obligation, and does not intend to update these forward-looking statements.