PHARMACOPEIA FORMS ALLIANCE WITH CEPHALON TO DISCOVER, DEVELOP AND COMMERCIALIZE NOVEL THERAPEUTIC PRODUCTS

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Pharmacopeia, an innovator in the discovery and development of novel small molecule therapeutics, announced today the formation of a drug discovery, development and commercialization alliance with Cephalon, Inc., a leading global biopharmaceutical company. The financial terms of the agreement call for Cephalon to pay Pharmacopeia an up-front program access fee of $15 million.

PR Newswire (http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/05-23-2006/0004366982&EDATE=)