Diversa Licenses Enzyme for Chiral Intermediate to BASF
SAN DIEGO, Dec. 1 /PRNewswire-FirstCall/ --
Diversa Corporation has licensed a
proprietary enzyme for the biocatalytic synthesis of a pharmaceutical
intermediate to BASF . BASF will produce the biocatalyst and apply it in one of
their proprietary biocatalytic processes to synthesize a chiral intermediate.
This is the first product licensed under the broad collaborative agreement
between the companies to develop biocatalysts and biological processes for a
variety of chemical opportunities.
Optically active chiral compounds play an important role in the life science
industry. Regulatory requirements and the prospects of lower toxicity, higher
efficacy, and lower manufacturing costs have increased demand for chiral
compounds. BASF markets a broad and growing portfolio of chiral products under
its ChiPros(TM) brand, including optically active amines, alcohols, epoxides and
acids and their derivatives. The enzyme licensed to BASF was derived from one
of Diversa's DiscoveryPoint(TM) enzyme platforms. Diversa developed these enzyme
platforms to meet the needs of manufacturers of chiral pharmaceuticals and fine
chemicals with the objective of facilitating the reduction of manufacturing
costs and the development of novel intermediates.
"Diversa and BASF have been working together to develop high-performing
biocatalysts since early 2002, and we're pleased with the commercial success of
our collaboration," stated Jay M. Short, Ph.D., President and Chief Executive
Officer of Diversa Corporation. "In licensing our enzyme to BASF, we have
achieved an important product commercialization objective for 2003 and another
milestone in increasing our near-term product revenue. We are hopeful that this
will be the first of several commercial licenses to be signed under this
collaboration with BASF."
"The recent agreement with Diversa marks a great success for our collaboration.
By licensing this enzyme, we further leverage our proprietary biocatalytic
process technology. This enables us to broaden our ChiPros(TM) portfolio and to
fulfill a specific customer request," said Udo Rheude, Ph.D., Director of BASF's
Global New Business Development Chemical Intermediates. "For us, customer
service includes providing the requested compound from lab scale through
commercial scale in a short time, and offering support in regulatory and
logistics issues. We implement state of the art technologies to successfully
develop new intermediates in response to market demand. Where indicated, we
also enter into technology partnerships. With the Diversa collaboration, new
enzymes supplement our strong base in biotechnological processes," Rheude
explained. BASF has more than twenty years of experience in the area of
biocatalysis and uses biocatalytic processes to produce vitamins (e.g., vitamin
B2), amino acids (e.g., lysine), and fine chemicals (e.g., chiral intermediates:
ChiPros(TM)) using living cells or enzymes.
About BASF Group
BASF is the world's leading chemical company, offering its customers a range of
high-performance products, including chemicals, plastics, performance products,
agricultural products, fine chemicals as well as crude oil and natural gas. Its
distinctive approach to integration, known in German as "Verbund," is its
strength. It enables BASF to achieve cost leadership and gives the company a
competitive advantage. BASF conducts its business in accordance with the
principles of sustainable development. In 2002, BASF has sales of about euro 32
billion (circa $34 billion) and over 89,000 employees worldwide. BASF shares
are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New York
(BF), Paris (BA) and Zurich (BAS). Further information on BASF is available on
the Internet at http://www.basf.com/ .
About Diversa
Diversa Corporation is a leader in applying proprietary genomic technologies for
the rapid discovery and optimization of novel products from genes and gene
pathways. Diversa is directing its integrated portfolio of technologies to the
discovery, evolution, and production of commercially valuable molecules with
pharmaceutical applications, such as optimized monoclonal antibodies and orally
active drugs, as well as enzymes and small molecules with agricultural,
chemical, and industrial applications. In addition, the Company has formed
alliances and joint ventures with market leaders, such as The Dow Chemical
Company, DuPont Bio-Based Materials, Givaudan Flavors Corporation,
GlaxoSmithKline plc, Invitrogen Corporation, and affiliates of Syngenta AG.
Additional information is available at Diversa's website:
http://www.diversa.com/ .
Forward-Looking Statements
Statements in this press release that are not strictly historical are
"forward-looking" and involve a high degree of risk and uncertainty. These
include statements related to the development of biocatalysts and biological
processes, the potential benefits of any such products, the potential benefits
of chiral compounds to the pharmaceutical industry, including the chiral
intermediate associated with the licensed enzyme, the ability of Diversa's
proprietary technologies to facilitate a reduction in manufacturing costs and/or
the development of novel intermediates and/or to accelerate product development
or commercialization, and the potential signing of additional commercial product
licenses under the collaboration with BASF, all of which are prospective. Such
statements are only predictions, and the actual events or results may differ
materially from those projected in such forward-looking statements. Factors
that could cause or contribute to differences include, but are not limited to,
Diversa's new and uncertain technologies and the utility of these technologies
to produce novel genes, proteins, and other molecules of commercial interest,
risks associated with Diversa's dependence on patents and proprietary rights,
risks associated with Diversa's protection and enforcement of its patents and
proprietary rights, Diversa's dependence on existing collaborations, Diversa's
ability to commercialize products using its technologies, the development or
availability of competitive products or technologies, the ability of Diversa to
enter into and/or maintain collaboration and joint venture agreements, and risks
that the pharmaceutical intermediate synthesized by the enzyme licensed by
Diversa to BASF may not be commercially successful. Certain of these factors
and others are more fully described in Diversa's filings with the Securities and
Exchange Commission, including, but not limited to, Diversa's Quarterly Report
on Form 10-Q for the quarter ended September 30, 2003. These forward-looking
statements speak only as of the date hereof. Diversa expressly disclaims any
intent or obligation to update these forward-looking statements.
For further information, please contact: in Germany, Vanessa Muller,
Communication Intermediates of BASF Aktiengesellschaft, +49-621-60-91195, or
fax, +49-621-60-78632, , or in the U.S., Bill Pagano, Corporate Comunications
of BASF Corporation, +1-973-426-2139, or fax, +1-973-426-2837, ; or Hillary
Theakston, Investor Relations of Diversa Corporation, +1-858-526-5121, or fax,
+1-858-526-5621, ; or Virginia Amann of Atkins & Associates, +1-608-274-6046,
, for Diversa.
DATASOURCE: Diversa Corporation
CONTACT: In Germany, Vanessa Muller, Communication Intermediates of BASF
Aktiengesellschaft, +49-621-60-91195, or fax, +49-621-60-78632,
, or in the U.S., Bill Pagano, Corporate
Comunications of BASF Corporation, +1-973-426-2139, or fax, +1-973-426-2837,
; or Hillary Theakston, Investor Relations of Diversa
Corporation, +1-858-526-5121, or fax, +1-858-526-5621,
; or Virginia Amann of Atkins & Associates,
+1-608-274-6046, , for Diversa
Web site: http://www.basf.com/
Web site: http://www.diversa.com/