Myriad, Hitachi and Oracle sign $185 million proteome pact

Myriad Genetics, Hitachi and Oracle have formed what they claim is "alandmark alliance" to map the human proteome in less than three years. The firms said that the collaboration will combine Myriad's proteomics expertise with the information and electronics technologies of Japan's Hitachi and the software capabilities of Oracle, to analyze all proteins and their interactions within cells of the body. The deal is valued at $185 million, and the work will take place within the newly-formed Myriad Proteomics.

Specifically, Myriad Genetics will contribute technology valued at $82 million to the alliance. Hitachi, Oracle and Friedli Corporate Finance (a Swiss investment banking firm and major shareholder in Myriad) will put in a combined $85 million in cash, plus $18 million in technology to be used in the collaboration. Peter Meldrum, Myriad's chief executive, said that "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." He added that the pact "represents a bold leap toward the future of drug development."