Perrigo Announces the Out-Licensing of Preclinical Assets to Imago Pharmaceuticals Sep 29, 2014 DUBLIN, Sept. 29, 2014 /PRNewswire/ -- Perrigo Company plc (NYSE: PRGO; TASE) announced today that it has transferred a portfolio of preclinical research assets, which it acquired through its December 2013 acquisition of Elan Corporation plc, to drug discovery and development company, Imago Pharmaceuticals. Under the terms of the agreement, Perrigo will receive an upfront payment in addition to multiple development-related milestone payments and royalties on any future sales derived from the portfolio. Perrigo Company Perrigo's Chairman and CEO, Joseph C. Papa stated, "This transaction demonstrates our commitment to focusing our development efforts to those projects where we can best fulfill our 'Quality, Affordable Healthcare Products®' mission. Through this sale, we are putting this promising portfolio in the hands of the Imago team to use their expertise to progress them through the development process and, hopefully, improve the lives of patients in the future.""We are pleased to have acquired these preclinical assets from Perrigo. They contribute to our internal drug development program by providing drug candidates directed against stress kinase family members," said Irene Griswold-Prenner, Ph. D., Co-Founder of Imago Pharmaceuticals. "These preclinical assets will provide additional value through strategic partnering with third-parties on a subset of these assets," added Karen Chen, Ph. D., Co-Founder of Imago Pharmaceuticals. "Included in this acquisition are intellectual property, drug candidates and a 500,000 compound CNS-focused, diversity-driven small-molecule library." JRG Ventures, LLC, a multinational retained business development and corporate growth strategy firm specializing in Life Sciences, Healthcare, Health Technology, and novel disruptive technology environments advised Perrigo on this transaction.
About Imago: Imago Pharmaceuticals, Inc. is a pharmaceutical company developing novel therapies for neurodegenerative, inflammatory and autoimmune diseases, specifically focused on development of small molecules for treating and preventing these disorders. The company's lead therapeutic agents represent a new approach to halting the progression of neurodegenerative disease via neuroprotective mechanisms. For additional information on licensing opportunities, send email inquiries to bd@imago-pharma.com or visit http://www.imago-pharma.com.
About Perrigo: From its beginnings as a packager of generic home remedies in 1887, Perrigo Company plc, headquartered in Ireland, has grown to become a leading global healthcare supplier. Perrigo develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, nutritional products and active pharmaceutical ingredients (API), and receives royalties from Multiple Sclerosis drug Tysabri®. The Company is the world's largest manufacturer of OTC healthcare products for the store brand market and an industry leader in pharmaceutical technologies. Perrigo's mission is to offer uncompromised "Quality Affordable Healthcare Products®" and it does so across a wide variety of product categories primarily in the United States, United Kingdom, Mexico, Israel and Australia, as well as more than 40 other key markets worldwide, including Canada, China and Latin America. Visit Perrigo on the Internet (http://www.perrigo.com).
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