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METABASIS AND MERCK ANNOUNCE COLLABORATION

June 27, 2005

Metabasis Therapeutics and Merck announced that they have formed a collaboration to research, develop and commercialize novel small molecule therapeutics with potential to treat several diseases, including Type 2 diabetes, hyperlipidemia and obesity, by activation of an enzyme in the liver called AMP-activated Protein Kinase (AMPK). Under the terms of the agreement, both Metabasis and Merck will conduct discovery efforts and contribute drug candidates to the collaboration. Merck will make a payment of $5 million on signature of the agreement and will provide Metabasis with funding for its research contribution to the program.

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