Exhibit 99.1
Contact:
William A. Hockett
Vice President of Corporate Communications
(801) 584-3600
Email: bhockett@myriad.com
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www.myriad.com
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FOR IMMEDIATE RELEASE
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MYRIAD GENETICS AND ABBOTT LABORATORIES FORM DRUG DISCOVERY COLLABORATION
- Alliance to Focus on Discovery of Drugs to Treat Depression -
Salt Lake City, March 12, 2002 - Myriad Genetics, Inc. (NasdaqNM: MYGN),
announced today that it has formed a drug discovery collaboration with Abbott
Laboratories (NYSE: ABT) to identify novel genes and drug targets for the
diagnosis and treatment of depression. The collaboration will merge Myriad's
integrated drug target identification and validation technologies with Abbott's
drug and diagnostic discovery and development expertise. The agreement provides
Abbott with license rights and specifies an upfront payment to Myriad, plus
guaranteed research funding and potential milestones totaling approximately $34
million plus royalties.
"We are very pleased to be using our advanced biopharmaceutical technologies in
collaboration with Abbott in our effort to discover the next generation of drugs
to treat depression," said Peter Meldrum, President and Chief Executive Officer
of Myriad Genetics, Inc. "The integration of drug target discovery with disease
pathway discovery and functional validation provides Myriad with the ability to
deliver to Abbott novel therapeutic targets with high potential to result in the
safe and effective drugs that are needed to treat this important human disease."
The collaboration will feature Myriad's suite of gene and drug target discovery
technologies. These technologies cover the entire scope of novel drug target
identification and validation including disease-associated-gene discovery,
protein pathway elucidation, pharmacogenomic analysis and biological target
validation.
The discovery of disease-causing genes provides an essential starting point for
drug discovery, which is greatly expanded through the discovery of protein
disease pathways. Using ProNet(R), Myriad's high-throughput protein interaction
technology, the Company intends to identify critical protein interactions along
the depression pathway. Proteins discovered in the depression pathway offer
excellent opportunities as drug targets, while providing insight into the cause
and possible treatment of the disease. The collaboration will focus on
functional validation of these drug targets using biological analysis with
innovative technologies for evaluating the importance of a particular protein in
the cause of the disease. The combined use of Myriad's and Abbott's technologies
provides a fast and effective means of drug target evaluation. Abbott's
extensive experience in drug discovery and development should then enable rapid
advancement of any product identified through the collaboration into clinical
development.
"This collaboration links the complementary strengths of Myriad's gene and
target discovery technologies with Abbott's drug discovery, development and
commercialization expertise. Abbott is excited about the potential for this
collaboration to accelerate the discovery of breakthrough therapeutic and
diagnostic products to treat depression," said Jim Sullivan, Ph.D., divisional
Vice President, Neuroscience Discovery. "Abbott has a long-term strategic
committment to this area."
Abbott Laboratories is a global, broad-based health care company, devoted to the
discovery, development, manufacture and marketing of pharmaceuticals,
nutritionals, and medical products, including devices and diagnostics. The
Company employs approximately 70,000 people and markets its products in more
than 130 countries. Abbott's news releases and other information are available
on the Company's Web site at www.abbott.com.
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Myriad Genetics, Inc. is a leading biopharmaceutical company focused on the
development of novel healthcare products. The Company has established two wholly
owned subsidiaries. Myriad Pharmaceuticals, Inc. develops and intends to market
therapeutic products, and Myriad Genetic Laboratories, Inc. develops and markets
proprietary predictive medicine and personalized medicine products. The Company
has established strategic alliances with Bayer, Eli Lilly, Hitachi, Novartis,
Oracle, Pharmacia, Roche, Schering AG, Schering-Plough and Syngenta. Myriad's
news and other information are available on the Company's Web site at
www.myriad.com.
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The discussion in this news release includes forward-looking statements that are
subject to certain risks and uncertainties, including statements relating to the
Company's intent to identify critical protein interactions along the depression
pathway, the research advantages offered by proteins discovered in the
depression pathway and the advancement of potential products into clinical
development. Such statements are based on management's current expectations that
are subject to risks and uncertainties that could cause actual results to differ
materially from those set forth or implied by forward-looking statements,
including, but not limited to uncertainties as to the extent of future
government regulation of Myriad Genetics' business, uncertainties as to whether
Myriad Genetics and its collaborators will be successful in developing, and
obtaining regulatory approval for, and commercial acceptance of, therapeutics;
the risk that markets will not exist for therapeutic compounds that Myriad
Genetics develops or if such markets exist, that Myriad Genetics will not be
able to sell compounds, which it develops, at acceptable prices. These and other
risks identified in the Company's filings with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for the fiscal
year ended June 30, 2001. All information in this press release is as of March
12, 2002, and Myriad undertakes no duty to update this information unless
required by law.