SLOUGH, UK, Sept. 24, 2003 (PRIMEZONE) -- Celltech Group plc (LSE:CCH) (NYSE:CLL) announces that Merck & Co., Inc. (NYSE:MRK) (Pink Sheets:MCKIF) has exercised its option to extend the Development Period regarding its phosphodiesterase-4 (PDE4) inhibitors collaboration with Celltech. The exercise of this option enables Merck to maintain exclusive access to Celltech's PDE4 intellectual property estate, which was licensed by Celltech to Merck as part of their collaboration in 1994. Pursuant to this, Merck will shortly make an undisclosed milestone payment to Celltech.
Merck is currently undertaking clinical development of PDE4 inhibitors for respiratory diseases.
Celltech Group plc (LSE: CCH; NYSE: CLL) is one of Europe's largest biotechnology companies, with an innovative development pipeline and a profitable, cash-generative pharmaceutical business. Celltech also possesses drug discovery capabilities of exceptional strength, including a leading position in antibody engineering. More details can be found at www.celltechgroup.com.
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