PIRAMED SIGNS COLLABORATION WITH GENENTECH TO DEVELOP NEW CLASS OF ANTI-CANCER DRUGS

PIramed Limited (PIramed), a privately owned UK biotechnology company, announces that it has entered into an R&D collaboration with a leading biotechnology company, Genentech, Inc. (NYSE: DNA), regarding a new class of cancer drugs. The drugs target PI 3-kinase, a key intracellular enzyme involved in a broad range of cancers. Under the terms of the Agreement, PIramed will receive an upfront payment and may receive milestone payments during development and on product approval up to a potential aggregate of approximately US$230 million.

Biotech Intelligence (http://www.biotech-intelligence.com/html/html/a4589eb68ad97f09b5556db31797b732.html)