Bayer Schering will pay Celera a one-time fee for exclusive access to the five targets as well as additional payments on achievement of certain development and commercial milestones. Celera will then be entitled to royalties based on sales of the product.
Celera vice-president of proteomic research Steve Ruben said that the deal would combine the strength of Celera’s proteomics target discovery platform with Bayer Schering Pharma’s expertise in research and development.
“We believe this new relationship with Bayer Schering Pharma allows us the flexibility to advance part of our broad pipeline of validated targets for additional future value,” Ruben said.
Bayer Schering head of target discovery Professor Khusru Asadullah said that the agreement would allow for expansion within the current portfolio in the area of cancer-related targets.
“We look forward to exploring the full potential of these promising target candidates with regards to therapeutic interference for anti-tumour therapy as well as in-vivo diagnostic imaging,” Asadullah said.