Drug developer Exelixis Inc. entered an agreement with drug maker Bristol-Myers
Squibb Co., potentially worth more than $280 million, to develop a new class
of cholesterol-lowering drugs.Under the agreement, Exelixis will receive an
upfront payment of $17.5 million and $10 million per year for two years for
research and development. The collaboration will focus on the activation of
Liver X Receptors, which are hormone receptors that play a role in a wide variety
of heart and metabolic disorders.