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Covington Advises Procter & Gamble in Alliance with ARYx Therapeutics

July 20, 2006

SAN FRANCISCO, July 20, 2006  -  The San Francisco office of Covington & Burling LLP advised Procter & Gamble Pharmaceuticals, Inc., a division of The Procter & Gamble Company, in its strategic alliance with ARYx Therapeutics, a private drug discovery and development company based in Fremont, CA.  Under the terms of the agreement, P&G will develop and commercialize ARYx's novel drug, ATI-7505, for the treatment of gastrointestinal disorders such as gastroesophageal reflux disease (GERD) and gastroparesis.

ARYx will grant P&G rights for the worldwide development and commercialization of ATI-7505 in exchange for a $25 million upfront fee, milestone payments, and royalties on product sales according to the terms of the deal. In addition, ARYx will retain an option to co-develop and co-promote ATI-7505.   In total, payments could reach $435 million over the life of the project, including $250 million that could be earned prior to commercialization.

The Covington team included Jim Snipes, Amy Toro and Chelsea Tanaka-Delgado, all in Covington's San Francisco office.

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