SOUTH SAN FRANCISCO—September 21, 2007—Citing their substantial progress to date, Exelixis announced it has extended its research collaboration with BMS to develop and commercialize therapeutic compounds against the liver X receptor. The agreement will extend through January 2009, with an option for a further one-year extension, and will see Exelixis receive further research funding to the tune of $7.5 million.
SOUTH SAN FRANCISCO—With an initial payment of $60 million, Exelixis announced it had entered into a discovery and development collaboration with BMS for three mutually selected oncology targets. The smaller biotech company will apply its drug discovery platform to identify lead small molecule candidates and take them through preclinical testing. BMS then retains the rights to select up to three INDs, for which Exelixis will receive another $20 million each.
"We have a long-standing and productive history of collaboration with Exelixis and are pleased to expand our partnership to include the discovery and development of novel, targeted oncology therapies," said Dr. Francis Cuss, SVP of Drug Discovery for BMS.
The companies will share equally in the development costs, commercial profits and co-promotion responsibilities in the United States, with Exelixis receiving royalties on any products sold elsewhere. The biotech may opt out of the co-development and co-promotion efforts and instead receive milestone and royalty payments in lieu of U.S. profit sharing.