Myriad, Hitachi, Oracle and Friedli Join Forces to Map the Entire Human Proteome
Myriad Genetics, Inc. (Nasdaq: MYGN), Hitachi, Ltd. (NYSE: HIT) and Oracle (Nasdaq: ORCL,) today announced that they have formed a landmark alliance to map the human proteome in less than three years. The collaboration will combine Myriad's proteomics expertise with the leading information and electronics technologies of Hitachi and the leading software capabilities of Oracle, to analyze all proteins and their interactions within cells of the body. The alliance partners expect to collect this information in a proprietary database of all human protein interactions, all biochemical pathways and a comprehensive catalog of purified proteins by 2004.
The collaboration, valued at $185 million, will take place within the newly formed Myriad Proteomics, Inc., a 50% owned subsidiary of Myriad Genetics. Myriad Proteomics will market its proprietary database and set of proteomic materials to pharmaceutical and biotechnology companies for therapeutic and diagnostic product development.
"Bringing together these three powerhouse companies to map the human proteome will lead to the understanding of the molecular basis of protein function and dysfunction, creating unprecedented opportunities for pharmaceutical development," said Peter Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "This project represents a bold leap toward the future of drug development through a substantial commitment to discovering the molecular basis of disease in order to create safer, more effective therapeutics."
As the human genome is being completed and annotated, proteomics is assuming the leading role in determining the cause of disease, driving advances in disease prevention and treatment. The knowledge of protein interactions and biochemical pathways that will be revealed with Myriad's technologies will play a pivotal role in identifying factors that contribute to disease onset, and thereby provide ideal targets to interrupt the disease process or potentially, to prevent disease altogether.
"This project will generate a massive amount of information about the human proteome, and Oracle's database will store, analyze and distribute all of it," said Larry Ellison, Chief Executive Officer of Oracle. "We look forward to participating in this remarkable collaboration and extending Oracle's strong position in the life sciences industry."
To achieve its objective, Myriad will apply two complementary proteomic technologies. The company will use its proprietary ProNet® protein interaction technology, which is an industrialized high-throughput version of the yeast two-hybrid system, and ProSpec™, a proprietary mass spectrometric technology for the identification of protein complexes, and is ideally suited to identify proteins in complexes even if those proteins undergo secondary changes after they are expressed in the cell. Combining these complementary technologies is necessary in order to identify all human protein interactions and biochemical pathways. Both the ProNet® and ProSpec™ technologies will be applied in a non-directed fashion or "shotgun approach," which, due to its rapid and randomized nature, is the most efficient means to achieve an undertaking of this magnitude.
Myriad Genetics will contribute technology valued at $82 million to the alliance. Hitachi, Oracle and Friedli Corporate Finance of Zurich, Switzerland, will contribute a combined $85 million in cash, plus $18 million in technology to be used in the collaboration.
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