Exelixis, Bristol-Myers deal

Exelixis granted Bristol-Myers exclusive, worldwide rights to develop and commercialize preclinical small molecule G protein-coupled bile acid receptor 1 ( GPBAR1; TGR5) agonists and small molecule RAR-related orphan receptor (ROR) antagonists. Exelixis will receive a total of $60 million up front and is eligible for up to $505 million in development and regulatory milestones, plus undisclosed sales milestones and royalties.

Bristol-Myers will be solely responsible for the TGR5 program. The partners will jointly collaborate on the ROR program up to a preclinical transition point, after which Bristol-Myers will be responsible for all further development and commercialization. Exelixis said TGR5 agonists have potential as diabetes treatments and ROR antagonists have potential as anti-inflammatory compounds. In exchange for rights to the ROR program, Bristol-Myers also will waive its rights to receive a third IND candidate under the companies' 2006 cancer deal (see BioCentury, Jan. 1, 2007). ...