Exelixis, Inc. (ticker: EXEL, exchange: NASDAQ Global Market (.O))
News Release -
Exelixis Delivers More Novel Targets to Bayer in Genoptera Joint Venture
Exelixis, Inc. (Nasdaq: EXEL) today announced that its joint venture with Bayer's crop protection business group, Genoptera LLC, delivered several additional novel insecticide targets for assay development and subsequent high throughput screening to Bayer. The delivery of these targets triggers undisclosed milestone payments to Exelixis.
"Since its inception in January 2000, Genoptera has been highly successful in the discovery and delivery of novel targets and assays for screening to our partner Bayer," stated George Scangos, Ph.D., president and chief executive officer of Exelixis, Inc. "We have every confidence that the collaboration will continue to identify targets of exceptional quality that will advance the development of safe and effective pesticides."
Genoptera LLC was formed in January 2000 to discover novel insecticides and nematicides. The joint venture is a continuation and expansion of the collaboration that Exelixis and Bayer initially established in April 1998 and expanded in June 1999. In addition to $80 million in committed research funding over the course of the eight-year joint venture, the arrangement involves a $20 million up-front payment and performance-based milestone and royalty payments from Genoptera to Exelixis. Bayer has the exclusive right to commercialize insecticides based on technology developed by Genoptera.
Exelixis, Inc. is a leading life sciences biotechnology company focused on product development through its expertise in comparative genomics and model system genetics. These technologies provide a rapid, efficient and cost-effective way to move from DNA sequence data to knowledge about the function of genes and the proteins that they encode. The company's technology is broadly applicable to all life science industries including pharmaceutical, diagnostic, agricultural biotechnology and animal health. Exelixis has partnerships with Aventis, Bayer, Pharmacia, Bristol-Myers Squibb and Dow AgroSciences and is building its internal development program in the area of oncology. For more information, please visit the company's web site at www.exelixis.com.