Albany Molecular Research, Inc. Announces New Relationship with Bristol-Myers Squibb Company
Albany, NY (February 19, 2002) - Albany Molecular Research, Inc. today announced it has signed a letter-of-intent with Bristol-Myers Squibb Company to replace its contract with the former DuPont Pharmaceuticals Company, which was acquired by Bristol-Myers Squibb in October 2001. Negotiations on a final agreement are at an advanced stage and should be completed soon.
Highlights of the new relationship will include:
- A new three-year multi-million dollar agreement between AMRI and Bristol-Myers Squibb, which continues the drug discovery collaboration first initiated with DuPont Pharmaceuticals. The final agreement will provide for a minimum number of FTEs during the three-year period, with the potential to expand. Under the terms of the letter-of-intent, AMRI will provide fee-for-service chemistry-based drug discovery and development services in support of Bristol-Myers Squibb's pharmaceutical R&D programs.
- Termination of the existing contract between AMRI and DuPont Pharmaceuticals, including the waiver by AMRI of a termination wind-down provision or financial penalty. Bristol-Myers Squibb will make an up-front payment of $1 million to AMRI.
- A transfer of intellectual property from Bristol-Myers Squibb to AMRI, providing AMRI with ownership of one of Bristol-Myers Squibb's late-stage pre-clinical drug candidates, along with a patent estate in Attention Deficit Hyperactivity Disorder (ADHD) and central nervous system (CNS) indications related both to this candidate and patented analogs. Bristol-Myers Squibb will assign three patent applications to AMRI, which will be free to license the patent applications to a third- party or to develop the compounds covered by the patent applications on its own. AMRI intends to seek a licensee to develop this technology.
- AMRI may provide Bristol-Myers Squibb with warrants to acquire common stock valued at $3 million. AMRI would immediately grant warrants to Bristol-Myers Squibb valued at $500,000. Thereafter, the additional issuance of warrants valued at $2.5 million is dependent upon certain conditions being met, such as AMRI's entering into a contract within eighteen months to license the patent applications to a third party or a decision by AMRI to continue development on its own of the compounds covered by the patent applications. Under certain conditions, AMRI can return the intellectual property to Bristol-Myers Squibb in lieu of issuing additional warrants.
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