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Exelixis gets partnership extension


Published : Fri, 21 Sep 2007 12:36
By : Agencies
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SOUTH SAN FRANCISCO, Calif. (AP) - Biotechnology company Exelixis Inc. said Friday it extended its research collaboration with Bristol-Myers Squibb Co. and will receive $7.5 million in additional funding.

The partnership, established in 2005, focuses on developing therapies for cardiovascular and metabolic disorders. It has been extended through Jan. 12, 2009. Bristol-Myers retained the option to extend the partnership by an additional year.

Shares of Exelixis closed at $11.08, and shares of Bristol-Myers closed at $28.54 Thursday.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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