EXELIXIS, BRISTOL-MYERS ENTER DRUG PACT

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.
MSN Money