Aptuit announces strategic partnership Siena Biotech

Aptuit, Inc., and Siena Biotech S.p.A., today announced a strategic partnership in which Siena Biotech will take a minority stake in Aptuit's Italian operations in Verona, Italy, and Aptuit will become a provider of choice for Siena Biotech's development pipeline. Under the agreement Aptuit and Siena Biotech will work collaboratively on the development of Siena Biotech's pipeline of compounds, focused in three key therapeutic areas, including Alzheimer's disease, Huntington's disease and oncology. Financial terms were not disclosed.

“Siena Biotech's commitment is an important validation of the capabilities and expertise gained via our recent acquisition of the Verona Medicines Research Centre from GlaxoSmithKline.”

"We are delighted to strengthen our existing relationship with Siena Biotech, which will be a valuable partner as we expand our presence, particularly in the Italian marketplace," said Timothy C. Tyson, chairman and chief executive officer at Aptuit. "Siena Biotech's commitment is an important validation of the capabilities and expertise gained via our recent acquisition of the Verona Medicines Research Centre from GlaxoSmithKline."

On July 1, 2010, Aptuit announced the acquisition of operations at GlaxoSmithKline's (GSK) Medicine's Research Centre (MRC) in Verona, Italy. The addition of the Verona operations extends Aptuit's existing capabilities across the drug development spectrum with expertise in drug discovery, lead optimization, API development and manufacturing, and pre-clinical and clinical drug development. The MRC operation is also known for specific expertise in drug discovery and development in the neurosciences, which complements the needs of Siena Biotech's development pipeline.

"The effective integration of disciplines and technologies, from target discovery to clinical proof of concept studies, is essential for the development of new medicines at Siena Biotech. Aptuit has technologies, processes and skills which are complementary to those of Siena Biotech and therefore represents the ideal partner for us as we advance our drug candidates through development for a host of devastating neurodegenerative and oncologic diseases with important unmet medical needs. Furthermore, we are delighted to contribute to boost Aptuit's Verona operations, thus preserving and further increasing research and development activities as well as jobs in the pharmaceutical and biotechnology sector in Italy," commented Giovanni Gaviraghi, CEO of Siena Biotech and former R&D Director at the Glaxo MRC.