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Bristol-Myers to Pay up to $25M for Lexicon s Data, Clones

NEW YORK, Sept 27 – Lexicon Genetics (Nasdaq: LEXG) has signed the third-largest pharma Bristol-Myers Squibb (NYSE: BMY) to a database access and license agreement worth as much as $25 million dollars, the companies said Wednesday.

The term of the agreement is five years, although either party may terminate after three years. Lexicon could receive between $15 million and $25 million in access and delivery fees, in addition to milestones and royalties on products Bristol- Myers develops using Lexicon's technology.

Bristol-Myers will be the first to access Lexicon's LexVision database, which contains phenotypic information derived from Lexicon's gene knockout platform. Scientists use mouse knockouts – in which genes are deleted, or " knocked out," of the mouse genome – to determine which human gene products are valid targets for the discovery and development of new medicines.

Bristol-Myers will also access Lexicon's OmniBank Library of over 80,000 mouse embryonic stem cell clones stored in liquid nitrogen and identified by DNA sequence in a relational database. The clones are derived from Lexicon's gene-trap technology, a high-throughput, automated process to rapidly create knockout mouse cells throughout the genome.

Other subscribers to OmniBank include American Home Products (NYSE: AHP), Boeringer Ingelheim Pharmaceuticals, GD Searle (NYSE: MTC), NV Organon, RW Johnson Pharmaceutical Research Institute (NYSE: JNJ), DuPont Pharmaceutical, and ZymoGenetics (NYSE: NVO).

In mid-morning trading, the Woodlands, Tex.-based Lexicon was up 1 5/8, or 5.4 percent, at 31 5/8.

Bristol-Myers of Princeton, NJ, was down 11/16, or 1.2 percent, at 56 ½.

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