Exelixis is pocketing $10 million up front with the promise of up to $147.5 million more in a licensing deal with Wyeth for compounds that may be useful for treating metabolic disorders. Wyeth will now be responsible for all research and development costs for compounds that target the farnesoid X receptor, a hormone receptor which plays a role at the cellular level in metabolic and liver diseases. Exelixis won control of the compounds with its 2004 buyout of X-Ceptor Therapeutics.
"This transaction with Wyeth is a further demonstration of the quality of our drug discovery programs. It provides Exelixis with $10 million in near-term capital to help support the ongoing development of our promising pipeline of cancer therapies, and allows us to share in the future value of the FXR program through milestones and royalties," said George A. Scangos, Ph.D., president and chief executive officer of Exelixis.
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