This summer the BMS and Exelixis relationship appeared to be on the rocks. Their partnership to co-develop the cancer drug XL 184 fizzled. Exelixis saw its stock plummet to less than $3 per share. Then their CEO left for a job with Biogen Idec.
Today, all is well. BMS and Exelixis announced a new deal for the commercial development of two targets - TGR5 for diabetes and ROR for inflammatory disorders. Exelixis will receive $60 M upfront plys can earn up to another $505 M in milestones. That's a good make up gift. In return, BMS will receive exclusive global marketing rights. See Xconomy story.
Exelixis is back.
Posted by Bruce Lehr October 11th 2010.