Exelixis Sells 80% Stake in Artemis ...( SOUTH SAN FRANCISCO Calif. Nov. 2...)

SOUTH SAN FRANCISCO, Calif., Nov. 20 /PRNewswire-FirstCall/ -- Exelixis, Inc. (Nasdaq: EXEL) today announced that it has entered into an agreement with Taconic Farms, Inc. (Hudson, NY) pursuant to which Exelixis sold Taconic an 80.1% stake in its subsidiary Artemis Pharmaceuticals GmbH for approximately $20 million, subject to certain post-closing adjustments. Artemis is a leader in the research, development and commercialization of genetically engineered mouse models and engineered mouse embryonic stem cells as genetic model systems for use at various stages of the drug discovery process or in academic research. In 2005, Artemis and Taconic established a strategic alliance focused on speeding up the generation, production and distribution of these tailored mouse models to more optimally serve their customers.

"I believe that the alliance between Taconic and Artemis over the past couple of years has demonstrated the value of combining the two companies' capabilities," said George A. Scangos, Ph.D., president and chief executive officer of Exelixis. "Artemis has established a leading position in the generation of sophisticated mouse models. Taconic is one of the world's leading suppliers of mice. Artemis' capabilities will allow Taconic to provide a broader line of mice to its customers and to rapidly generate custom-made models for its customers as well. With Taconic's new stake in Artemis, the synergies that the two companies have already realized will be significantly enhanced. By retaining a 19.9% ownership stake, we will retain preferred access to Artemis capabilities for our own research. Artemis and Taconic have worked extremely well together over the past two years, and I look forward to an even more prod
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