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GEN News Highlights : Jan 3, 2007

FivePrime and Centocor Partner on Osteoarthritis and Pulmonary Fibrosis Therapeutics

FivePrime will receive $15M upfront and two years research funding to screen its protein library against cell-based assays.

Five Prime Therapeutics and Centocor Research and Development will focus on novel therapeutic products to treat osteoarthritis and pulmonary fibrosis, under a worldwide collaborative research and license agreement.

FivePrime will screen its comprehensive protein library against cell-based assays directed to osteoarthritis and fibrosis. Centocor will have exclusive rights to the proteins and targets identified in these screens.

FivePrime will receive an upfront payment of $15 million comprised of cash and an equity investment by Johnson and Johnson Development (JJDC) and two years research funding from Centocor. Centocor will have exclusive worldwide rights to develop and commercialize products and targets discovered during the research term in exchange for future milestones and royalties.

"With Centocor as a partner in these disease areas, we should be able to move the products of our discovery platform into clinical trials faster and more effectively," comments Lewis T. Williams, FivePrime's founder and executive chairman.