NEW YORK, Dec. 17 (GenomeWeb News) - Exelixis and Bristol-Myers Squibb Company have extended their oncology research collaboration until December 2006, the companies said today.
The collaboration, originally announced in July 2001, involves discovery of potential drug targets for cancer. Initially, Bristol-Myers made a $20 million equity investment in Exelixis, and a $5 million upfront payment for Exelixis' functional genomics services, followed by $3 million a year for at least three years.
Under this extended deal, the parties have the goal of increasing the number and degree of validation of cancer targets that will be delivered by Bristol-Myers Squibb. Each party will maintain the exclusive worldwide rights to equal numbers of validated targets that stem from the collaboration.
Bristol-Myers Squibb will make an an upfront payment to Exelixis, will increase its annual research funding, and will provide milestones on validated cancer targets. The company will also provide Exelixis milestone payments on compounds that go through regulatory and clinical stages.