The collaboration, originally established in January of 2006 for a period of two years, was extended in 2007, at Bristol-Myers Squibb’s request, through January 12, 2009. Bristol-Myers Squibb has now exercised its option to further extend the research collaboration by an additional year to January 12, 2010. Terms of this extension include additional research funding paid to Exelixis in the amount of $6 million.
Under the terms of the collaboration, the two companies jointly identify drug candidates that are ready for investigational new drug application-enabling studies. Bristol-Myers Squibb then undertakes further preclinical development and has responsibility for clinical development, regulatory, manufacturing and sales/marketing activities for such compounds.
Michael Morrissey, president of R&D at Exelixis, said: “We are particularly excited about the progress of our liver X receptor collaboration with Bristol-Myers and continue to aggressively advance new compounds with the potential to provide new treatment paradigms for cardiovascular and metabolic diseases.”