Codexis Announces the Signing of Research Collaboration with Teva to Develop Improved Pharmaceutical Biosyntheses
Redwood City, CA - December 7, 2004Codexis, a subsidiary of Maxygen, Inc. announced today that it has signed a research collaboration agreement with Teva Pharmaceutical Industries Ltd. to develop improved processes for the manufacturing of a currently marketed fermented pharmaceutical product. Using Codexis' proprietary MolecularBreeding™ directed evolution platform, the collaboration aims to improve the productivity of manufacturing process for the product as well as reduce the overall capital expenditures necessary to produce each unit of a product. Furthermore, the use of Codexis' MolecularBreeding™ directed evolution platform will generate novel intellectual property around the synthesis of a product.
Under the terms of the collaboration, Codexis will receive research and development funding and will be eligible for milestone and royalty payments upon success. Codexis will grant Teva exclusive commercialization rights to the improved process for the pharmaceutical product.
"Codexis is aiming to manage the lifecycle of pharmaceutical products," said Alan Shaw, President and Chief Executive Officer of Codexis. "The market is responding strongly to Codexis' MolecularBreeding™ directed evolution platform, as it is a powerful way for innovative and generic pharmaceutical companies to create novel intellectual property around their products and therefore strengthen their competitive position. We look forward to working with Teva, a world leader in the generics industry."
About Codexis, Inc
Codexis, Inc., a majority owned subsidiary of Maxygen, Inc., is a provider of biocatalysis and fermentation processes and products to the life science and fine chemical industries. Codexis' proprietary MolecularBreeding™ directed evolution platform allows for the rapid discovery and development of improved or novel processes for the efficient and cost-effective synthesis of valuable chemicals utilizing breakthrough biocatalysts and production strains. Codexis has entered into ten strategic alliances in the chemicals field, and has over 20 potential products and processes in its R&D pipeline with two product candidates in development. In addition, Codexis has five processes now operating at commercial scale, each generating royalty payments. Codexis commenced operations as an independent company in October 2002. MolecularBreeding and Maxygen are a trademark of Maxygen, Inc. Codexis is a trademark of Codexis, Inc.
Contact:
Codexis, Inc.
Tassos Gianakakos
Sr. Vice President, Business Development
T. +1-650-298-5423
F. +1-650-298-5449
tassos.gianakakos@codexis.com