Bristol-Myers Squibb Extends Neuroscience Alliance With Lexicon Genetics
Wednesday May 31, 7:30 am ET
THE WOODLANDS, Texas, May 31 /PRNewswire-FirstCall/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG - News) announced today that Bristol-Myers Squibb Company (NYSE: BMY - News) has extended the target discovery term of its neuroscience alliance with Lexicon for an additional two years. Bristol-Myers Squibb and Lexicon initiated this alliance in December 2003 to accelerate the discovery, development and commercialization of therapies that address unmet medical needs in psychiatry and neurology. Bristol-Myers Squibb will provide Lexicon $20 million in additional research funding over the two-year extended research term which begins in January 2007.
The drug target discovery portion of the alliance encompasses the physiological and behavioral analysis of genes to identify promising new neuroscience targets for the development of small molecule drugs to treat disorders including depression, anxiety, schizophrenia, pain and Alzheimer's disease. The extended term provides for further advanced research on selected targets.
Under the original alliance, Bristol-Myers Squibb has worked with Lexicon on medicinal chemistry, preclinical research and development of drugs addressing promising neuroscience targets. Bristol-Myers Squibb may assume responsibility for clinical development and commercialization of any drugs resulting from the alliance that enter clinical trials.
Under the terms of the alliance, Lexicon received an upfront payment from Bristol-Myers Squibb and, in addition, annual research funding over the initial, three-year research term of the agreement. For each drug developed and commercialized by Bristol-Myers Squibb from the alliance, Lexicon will also receive clinical and regulatory milestone payments and will earn royalties on net sales.
"We have made significant progress in the first phase of our alliance," said Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Lexicon. "We have discovered several exciting new targets and moved promising compounds into lead optimization. By combining Lexicon's unique drug discovery capabilities with Bristol-Myers Squibb's discovery, development and commercialization expertise, we believe that together we are positioned to play a leadership role in the creation of novel therapies for neuropsychiatric disease."... |
