ChemGenex signs new deal with Merck for preclinical support in diabetes research

By E. Janene Geiss

Philadelphia, Jan. 17 - ChemGenex Pharmaceuticals said Tuesday that it has signed a new three-year alliance agreement with its long-term pharmaceutical industry partner Merck KgaA, to provide preclinical support in the fields of diabetes, insulin resistance and complications.

Under terms of the agreement, ChemGenex said it will receive a total retainer fee of about A$1 million with potential additional payments depending on the amount and type of preclinical support provided, according to a company news release.

The new agreement follows the successful completion of three research contracts in target discovery and reflects the strong ongoing relationship between Merck and ChemGenex, officials said.

"We are excited by the opportunity to internally progress the preclinical development of exciting targets such as SEPS1 and believe that new partnership opportunities will arise around several of our proprietary targets," ChemGenex chief executive offer Greg Collier said in the release.

The new deal gives Merck unique capabilities in diabetes research, officials said.

ChemGenex is a Melbourne, Australia pharmaceutical development company with a focus on oncology, diabetes, obesity and depression.

Merck KgaA, based in Darmstadt, Germany, is a pharmaceutical and chemical company with 2004 sales of €5.9 billion.

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