London, 13 December, 2005 – Morrison & Foerster’s London Life Sciences team advised PIramed Limited ("PIramed)", a privately owned UK biotechnology company, on a $230 million R&D collaboration with one of the world’s leading biotechnology companies, Genentech, Inc. (NYSE: DNA), for the development and commercialisation of a new class of cancer drugs.  The drugs target PI 3-kinase, a key intracellular enzyme involved in a broad range of cancers.

Under the terms of the Agreement, PIramed will receive an upfront payment and may receive milestone payments for a potential aggregate of US$228.5 million, together with research funding.  The company will also receive royalties on product sales.  PIramed will conduct preclinical research with Genentech and Genentech will be solely responsible for clinical development, regulatory approvals, manufacturing and worldwide commercialisation.  As part of the collaboration, PIramed can opt to commercialise in territories outside of the United States on agreed terms.

Commenting on the collaboration, partner Julian Thurston who led the deal for Morrison & Foerster, said: "This significant alliance with Genentech is one of the largest preclinical collaborations ever signed by a UK biotechnology company and is a transforming deal for PIramed.  We are delighted to be involved in the project and look forward to working with PIramed again as the company continues to grow."

The Morrison & Foerster team in London has also recently closed a significant product license and collaboration agreement for Swiss biotech, Kuros Biosurgery AG.  Kuros is a biomedical company focused on developing novel injectable biologics and biomaterials to repair and regenerate injured or diseased tissues.