AMRI's Natural Products Drug Discovery Program Generates Contract, Milestone and Royalty Revenue Opportunities for Multiple Potential Products
AMRI (NASDAQ: AMRI) announced today a research and licensing agreement with Genentech, a member of the Roche Group (SIX: RO, ROG; OTCQX: RHHBY), for a family of antibacterial compounds discovered from AMRI's proprietary research of its natural products sample collection.
Under the terms of the agreement, Genentech will receive an exclusive license to develop and commercialize multiple potential products from AMRI's proprietary antibacterial program. Additionally, AMRI will collaborate with Genentech in a research program with the objective of identifying novel antibacterial agents. In addition to an upfront license fee and research funding, AMRI will be eligible to receive development regulatory milestones and will receive royalties from Genentech on worldwide sales of any resulting commercialized compounds.
The license agreement results from work conducted at AMRI in a drug discovery program which leveraged AMRI's extensive natural product libraries, high throughput screening capabilities and natural product chemistry expertise. The leading compound is a highly potent antibacterial agent.
"We are very pleased to announce this collaboration with Genentech,” said AMRI's Vice President of Research & Development, Bruce J. Sargent, Ph.D. “As resistance to existing drugs continues to emerge, there is an urgent need for new antibiotic agents. This exciting collaboration brings together AMRI's strengths and experience in small-molecule drug discovery, biology and chemistry with Genentech's leading position in novel drug discovery and development.”
Founded in 1991, Albany Molecular Research, Inc. provides scientific services, products and technologies focused on improving the quality of life. AMRI works on drug discovery and development projects and conducts manufacturing of active ingredients and pharmaceutical intermediates for many of the world's leading healthcare companies. As an additional value added service to its customers, the company is also investing in R&D in order to expand its contract services and to identify novel early stage drug candidates with the goal to outlicense to a strategic partner. With locations in the U.S., Europe, and Asia, AMRI provides customers with a wide range of services, technologies and cost models.