Celera Acquires Equity in Shanghai Genecore Biotechnologies
ROCKVILLE, Md.--(BW HealthWire)--Jan. 13, 2000--Celera Genomics (NYSE:CRA - news), a PE Corporation business, announced today that it has acquired 47.5% equity in Shanghai GeneCore BioTechnologies Co., Ltd.; that interest was formerly held by Axys Pharmaceuticals, Inc. (Nasdaq:AXPH - news).
PE Biosystems (NYSE:PEB - news), a PE Corporation business, also owns 47.5% equity in Shanghai GeneCore BioTechnologies. Financial terms of the transaction were not disclosed.
Shanghai GeneCore BioTechnologies is a genomics service company with expertise in nucleotide synthesis, DNA sequencing, bioinformatics analysis, and mutation detection. The company has ongoing research collaborations with several Chinese government agencies and research institutes. Shanghai GeneCore has established a large customer base of more than 1,000 academic institutions, hospitals, and biopharmaceutical companies in China.
``This acquisition will help Celera expand its business globally and provide access to many new sources of genetic information. With a significant portion of the world's plant, animal and human genetic diversity located in China; access to this diversity will be fundamental in Celera, expanding its genomic information,'' said J. Craig Venter, Ph.D., Celera's president and chief scientific officer.
``Shanghai GeneCore has had a significant impact on the pace of genomics research in China. GeneCore staff, using PE Biosystems' genomics platforms, has assembled a state-of-the-art genomics laboratory in Shanghai. This, coupled with Celera's impressive genomic information and software capabilities, should provide an ideal opportunity for collaborations with Chinese scientists in important medical and agricultural research,'' said Michael Hunkapiller, Ph.D., president, PE Biosystems.
``GeneCore will greatly benefit from this new partnership. Celera's genomics expertise and wealth of information provide new opportunities for scientists in Asia to use these capabilities to drive discovery,'' said Dr. Ming-Wei Wang, chairman and general manager of Shanghai GeneCore.
PE Corporation currently comprises two operating groups. Celera Genomics Group, headquartered in Rockville, MD, intends to become the definitive source of genomic and related medical information. PE Biosystems Group, headquartered in Foster City, CA and with sales of $1.2 billion during fiscal 1999, develops and markets instrument-based systems, reagents, software, and contract related services to the life science industry and research community. Information about the company, including consolidated financial statements of PE Corporation, is available on the World Wide Web at http://www.pecorporation.com or by phoning 800/762-6923.
GC BioTechnologies, LLC is the U.S. holding company of Shanghai GeneCore BioTechnologies Co., Ltd., a wholly foreign owned entity (``WFOE'') in the People's Republic of China. Shanghai GeneCore was established in late 1997 as a joint venture between PE Corporation, Sequana Therapeutics, Inc. (which later merged with Arris Pharmaceuticals to become Axys) and SiniWest Holdings, Inc.
SiniWest specializes in identifying, evaluating and developing high-tech based business opportunities in Mainland China with emphasis in biotechnologies, pharmaceuticals, diagnostics and agrochemicals. SiniWest serves as a bridge for international investors and businesses to enter the rapidly growing Chinese economy and provides a window of opportunity for the Chinese biopharmaceutical industry to access the Western markets. For additional information on Shanghai GeneCore BioTechnologies, Co., Ltd. visit the company's web site at http://www.genecore.com.
Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as ``believe,'' ``expect,'' ``anticipate,'' ``should,'' ``planned,'' ``estimated,'' and ``potential,'' among others. These forward-looking statements are based on PE Corporation's current expectations. The Private Securities Litigation Reform Act of 1995 provides a ``safe harbor'' for such forward-looking statements. In order to comply with the terms of the safe harbor, PE Corporation notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, and results of Celera Genomics' businesses include but are not limited to (1) early stage of operations and uncertainty of operating results; (2) no precedent for Celera Genomics' business plan; (3) uncertainty of value of polymorphism data; (4) initial reliance on pharmaceutical industry; (5) high dependence on key employees; (6) uncertain protection of intellectual property and proprietary rights; (7) highly competitive business; (8) need to manage rapid growth; and (9) other factors that might be described from time to time in PE Corporation's filings with the Securities and Exchange Commission.
Celera Genomics Heather Kowalski, 240/453-3343 (Media) heather.kowalski@celera.com or Stephen Push, 240/453-3338 (Investors) stephen.push@celera.com or Shanghai GeneCore Dr. Ming-Wei Wang, 858/558-1686 mwwang@siniwest.com