Agios Pharmaceuticals, Inc. and The University of Pennsylvania Announce New Collaboration
Collaboration Announced in Conjunction with Resolution of Legal Proceeding
Cambridge, Massachusetts and Philadelphia, Pennsylvania – August 31, 2012 – Agios Pharmaceuticals, Inc. (“Agios”) and The University of Pennsylvania (“Penn”) today announced that, in connection with the resolution of litigation announced earlier today, Agios and Penn have entered into a licensing agreement involving new intellectual property focused on the development of diagnostic products to detect the metabolism of certain cancers. The collaboration could result in significant benefits to cancer patients, as well as financial benefits to Agios, Penn and the Abramson Family Cancer Research Institute.
“We are pleased to be collaborating with Penn and value the contributions of their scientists to this exciting field,” stated David Schenkein, M.D., Chief Executive Officer of Agios. “We are excited to now focus on the most important task of all – transforming the lives of cancer patients.”
“We are pleased to be moving forward in a collaborative manner around newly identified intellectual property,” commented Chi Van Dang, M.D., Ph.D., Professor of Medicine and Director of the Abramson Cancer Center at Penn. “We look forward to working with Agios on this project and potentially other unrelated projects in the future.”