Exelixis Submits XL139 Diligence Report to Bristol-My...(our key R&D goals is to simultaneously d...)

Date:12/20/2007

our key R&D goals is to simultaneously develop multiple compounds focused on key pathways and targets that play important roles in cancer," said Michael Morrissey, Ph.D., president of research and development of Exelixis. "Given its role in aberrant cell growth and proliferation, the hedgehog pathway is an exciting target for therapeutic intervention. Our preclinical data suggest that XL139 profoundly inhibits hedgehog signaling and we are excited about the opportunity to work with Bristol-Myers Squibb to advance this very promising compound into clinical development."

Under the terms of the companies' collaboration agreement, which became effective on January 11, 2007, Exelixis deploys its drug discovery platform and is fully responsible for the identification and preclinical development of small molecule drug candidates directed against mutually selected targets. Bristol-Myers Squibb has the right to select up to three IND candidates against three different targets. Following selection by Bristol-Myers Squibb, Bristol-Myers Squibb will lead all global activities, although the parties will co-develop and co-commercialize the programs in the United States. Bristol-Myers Squibb made an upfront payment of $60 million in cash to Exelixis at the time the deal was signed. The terms of the agreement provide for Exelixis to receive $20 million for each of up to three different drug candidates selected by Bristol-Myers Squibb at IND. The parties plan to share equally development costs, commercial profits and co-promotion responsibilities in the United States. Exelixis will also receive royalties on product sales outside of the United States. For each program selected by Bristol-Myers Squibb, Exelixis has the right to opt in to the co-development or co-promotion in the United States. If Exelixis does not opt in, Exelixis will receive milestones and royalties in lieu of a U.S. profit share.

About Exelixis

Exelixis, Inc. is a development-stage biotechnolog
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