Schering-Plough Corporation and NeoGenesis Pharmaceuticals, Inc. have entered into an agreement for Schering-Plough to acquire most of NeoGenesis' assets, subject to normal closing conditions. Financial terms of the transaction have not been disclosed, with a closing targeted for later this quarter.

"The planned acquisition of NeoGenesis will help strengthen the discovery capabilities of Schering-Plough, as we secure ownership of innovative drug discovery technology and intellectual property," Fred Hassan, chairman and chief executive officer, Schering-Plough Corporation said.

Henry Skinner, president and CEO of NeoGenesis Pharmaceuticals, Inc., said, "We are pleased to announce Schering-Plough's agreement to acquire NeoGenesis. We have had a highly successful and productive long-term collaboration between NeoGenesis and Schering-Plough and are looking forward to the next phase of this relationship. It is especially rewarding to have NeoGenesis' highly skilled employees and technical competitive advantages recognized and valued in this way."

Headquartered in Cambridge, Massachusetts, NeoGenesis Pharmaceuticals, Inc. is a privately held biopharmaceutical company focused on applying novel screening and chemistry technologies to discover and develop small molecule drugs. Schering-Plough and NeoGenesis have had a research collaboration since 1999.