Exelixis Inc. and Bristol-Myers Squibb Co. have announced a collaborative agreement to develop and commercialize novel targeted therapies for the treatment of cancer.
Under the collaboration, which is pending antitrust clearance, Exelixis will deploy its drug discovery platform and be responsible for the identification and pre-clinical development of small molecule drug candidates directed against mutually selected targets. Bristol- Myers Squibb will have the right to select up to three investigational new drug candidates against three different targets.The parties will co-develop and co-commercialize the programs in the United States.
Bristol-Myers Squibb will pay Exelixis $60 million in cash up front. Exelixis will also receive $20 million for each of up to three different drug candidates selected by Bristol-Myers Squibb. The parties plan to equally share development costs, commercial profits and co-promotion responsibilities.