Exelixis and Bristol-Myers Squibb decided to continue their research deal related to cardiovascular and metabolic disorders. Exelisis will receive $7.5 million in additional research funding.
The partnership, originally reported in December 2005 for a period of two years, has been extended at Bristol-Myers Squibb's request through January 12, 2009. Bristol-Myers Squibb also retains the option to extend the agreement by an additional year.
The companies are working on therapies targeted against the Liver X Receptor (LXR). “Exelixis and Bristol-Myers Squibb have a history of working efficiently and productively together and we have maintained this positive dynamic in our LXR collaboration,” remarks Michael Morrissey, Ph.D., president of research and development at Exelixis.
“In less than two years, we have made substantial progress in identifying and optimizing compounds that activate LXR.”
Once drug candidates that are ready for IND-enabling studies are identified, Bristol-Myers Squibb will undertake further preclinical research. The company is also responsible for clinical development as well as regulatory, manufacturing, and sales/marketing activities.