The Finnish pharmaceutical company Orion (Hex: ORIBS) and Quintiles Transnational Corp., a U.S. based pharmaceutical services organisation have decided to allow the previously announced Letter of Intent concerning a new drug development venture, signed in April 2002, to expire. Orion will continue to set up the venture independently. The rationale of the plan remains to create an independent drug development company whose initial product portfolio contains selected proprietary drug candidates from Orion Pharma's clinical R&D pipeline, and to seek venture capital funding to financially support their further research and development.
As the plans progressed it became obvious that the concept of the venture should be redefined.
"The idea of the R&D venture company is excellent, and we see it as a smart way to promote the further development of our pipeline projects now waiting for resources. This is why we want to continue looking for investors of venture capital, although on a slightly changed basis. The driver's role here is well in line with the interests of Orion", says Mr. Jukka Viinanen, President and CEO of the Orion Group.
In accordance with the original concept of the venture, the new company would be independent. Orion would put some of its proprietary investigational molecules and some development resources into the venture, and would eventually have a non-controlling stake in it. Dr. Jyrki Mattila, SVP Orion New Ventures, is in charge of preparing the venture.
Dr. Jyrki Mattila, SVP, Orion New Ventures, phone +358 10 429 3003, gsm +358 50 429 3003.
Dr. Risto Miettunen, President, Orion Corporation, Orion Pharma, phone +358 10 429 4299, gsm +358 50 429 4299.
Orionintie 1, 02200 Espoo
Corporate communications and investor relations:
Anne Allo, Corporate VP, Communications ad IR
Phone +358 10 429 3735
Fax +358 10 429 4435