Praecis, Gilead announce option agreement to use DirectSelect technology

By Elaine Rigoli

Tampa, Fla., March 21 - Praecis Pharmaceuticals, Inc. and Gilead Sciences, Inc. said they have signed a technology transfer and option agreement.

Under the agreement, Praecis will use its proprietary DirectSelect technology to identify lead drug candidates for an antiviral target supplied by Gilead.

The DirectSelect technology is based upon the creation of multiple, numerically large encoded libraries of drug-like structures that can be rapidly screened to identify individual structures, or families of structures, with affinity for a macromolecular target, according to a news release.

The companies will collaborate to identify lead molecules that have defined activities against the antiviral target.

Each company will fund its own resources during the course of the research collaboration, the release said.

Praecis will own any lead molecules identified during the course of the research collaboration. Gilead has an exclusive option to enter into a license agreement for any identified lead molecules, the release said.

"We are pleased to be working with Gilead against a therapeutic target in which we have strong mutual interest. This is our first collaboration using our DirectSelect technology and Gilead, a leader in antiviral research, brings an extensive amount of expertise that should be very beneficial in helping to drive this program," Kevin F. McLaughlin, Praecis president and chief executive officer, said in a company statement.

Gilead is a biopharmaceutical company located in Foster City, Calif.

Praecis is a Waltham, Mass.-based biopharmaceutical company.

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