Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Exelixis has reported that its right to receive a milestone payment of $5 million from Bristol-Myers Squibb was triggered as a result of the acceptance of an investigational new drug application, or foreign equivalent, for a compound discovered and developed under the two companies' Liver X Receptor collaboration.
Subscribe to our email newsletter
This is the first clinical trial of a compound in this collaboration to discover novel therapies targeted against LXR, a nuclear hormone receptor implicated in a variety of cardiovascular and metabolic disorders.
Exelixis and Bristol-Myers Squibb established their joint LXR collaboration in January 2006 for an initial period of two years. In September 2007, Exelixis has reported that the collaboration had been extended through January 12, 2009. Terms of the extension include additional research funding paid to Exelixis in the amount of $7.5 million. Bristol-Myers Squibb also has an option to further extend the collaboration by an additional year.
Michael Morrissey, president of research and development, Exelixis, said: “Our combined preclinical studies suggest that LXR agonists may have significant potential in treating a number of cardiovascular and metabolic disorders including atherosclerosis, and we look forward to Bristol-Myers Squibb’s further investigating that potential in this trial.”