By Jason Derry --
Exelixis Inc. has announced a collaboration
agreement with Bristol-Myers Squibb that the companies
hope will result in the discovery and eventual commercialization of compounds
to treat cancer. Under the agreement,
Exelixis will identify potential small molecule drugs candidates, and will
carry the drugs through preclinical development. BMS will have the right to choose up to three
of the
drug candidates for further development. As reported in the press release, BMS will pay Exelixis $60 million at
the start of the collaboration, and an additional $20 million for each drug
candidate chosen for development. Finalization of the agreement is subject to antitrust clearance.
Jason Derry, Ph.D., who graduated with honors from DePaul University
College of Law, is a molecular biologist and founding author of Patent Docs.
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