PHARMACOPEIA FORMS NEW RESEARCH COLLABORATION WITH ALTANA PHARMA AG

Princeton, New Jersey – February 3, 2004 – Pharmacopeia, Inc. (Nasdaq: PCOP) today announced that it has entered into a research collaboration with ALTANA Pharma AG of Konstanz, Germany. Pharmacopeia and ALTANA will work together to identify and optimize small molecule lead compounds suitable for advanced development.

Under the terms of this agreement, Pharmacopeia will provide its small molecule discovery expertise and unique discovery assets, including its multi-million compound collection of proprietary drug-like small molecules and its considerable modelling and design capabilities, to identify and optimize leads in a key therapeutic area for ALTANA. Pharmacopeia will receive funding for providing the research services and will be entitled to receive additional payments upon the successful achievement of milestones, and royalties upon the commercialization of any drugs resulting from the relationship.

“We are very pleased to have the opportunity to enter into a research collaboration with ALTANA,” said Stephen Spearman, Ph.D., Chief Operating Officer of Pharmacopeia. “We look forward to working together and to contributing to ALTANA’s considerable success in drug discovery.”

About Pharmacopeia

Pharmacopeia (www.pharmacopeia.com) is a leader in enabling science and technology that accelerates and improves the drug discovery and chemical development processes. Pharmacopeia’s Drug Discovery business integrates proprietary small molecule combinatorial and medicinal chemistry, high-throughput screening, in-vitro pharmacology, computational methods and informatics to discover and optimize lead compounds. Pharmacopeia’s software subsidiary, Accelrys, develops and commercializes molecular modeling and simulation software for the life sciences and materials research markets, cheminformatics and decision support systems, and bioinformatics tools including gene sequence analysis. Accelrys consulting services provides expert assistance in the configuration, implementation and integration of a wide variety of software solutions to enable superior research and discovery. Pharmacopeia is headquartered in Princeton, New Jersey.

About ALTANA Pharma AG

ALTANA Pharma AG is the pharmaceutical division of ALTANA AG, headquartered in Konstanz, Germany. The international pharmaceutical group with more than 7,700 employees and 30 subsidiaries is holding participations in Europe, North and South America, Asia, South Africa and Australia. ALTANA Pharma concentrates on innovative pharmaceutical products in therapeutics, imaging (contrast media) and OTC medication. Therapeutics, the most important business area, is based on prescription drugs for gastrointestinal, respiratory and cardiovascular indications. In 2002, ALTANA Pharma achieved sales of about €1.9 billion, up 17% from 2001. Investment in Research and Development – approximately 20% of sales revenues – is increased continually in order to strengthen and expand ALTANA Pharma’s market position. Research and Development is focused primarily on the Company’s core competencies, respiratory and gastroenterological diseases. The newest area of research is oncology. For more information visit <a target='_blank' href='http://www.altanapharma.com.

‘>www.altanapharma.com.

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When used anywhere in this document, the words expects, believes, anticipates, estimates, and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein may include statements addressing future financial and operating results of Pharmacopeia. Pharmacopeia has based these forward-looking statements on its current expectations about future events. Such statements are subject to risks and uncertainties including, but not limited to, the successful implementation of Pharmacopeia’s strategic plans, the acceptance of new products, the obsolescence of existing products, the resolution of existing and potential future patent issues, additional competition, changes in economic conditions, and other risks described in documents Pharmacopeia has filed with the Securities and Exchange Commission, including its most recent report on Form 10-K and subsequent reports on Form 10-Q. All forward-looking statements in this document are qualified entirely by the cautionary statements included in this document and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by forward-looking statements contained in this document. These forward-looking statements speak only as of the date of this document. Pharmacopeia disclaims any undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.’

Contacts:
Simon Tomlinson
Senior Vice President, Business Development
Pharmacopeia, Inc.
(609) 452-3600
irreq@pharmacopeia.com