Pharma BD Deal Intelligence
Two small licensing/collaboration deals, not an acquisition—BMS paid Exelixis just $60M combined upfront for TGR5 agonist and ROR antagonist programs in 2010. Both agreements lapsed unproductively by 2013 with rights reverting to Exelixis, and no compound from either program ever reached the market.
Not an acquisition of Exelixis at all — two small BMS licensing deals ($60M combined upfront, not $0.6B) on TGR5/ROR programs that both lapsed unproductively within three years, with zero drugs ever reaching the clinic-to-market finish line under BMS.
Full analysis, sources & comparables →On October 8, 2010, Exelixis entered into new agreements with Bristol-Myers Squibb... Exelixis will grant to Bristol-Myers Squibb a license to its…
Coverage framed the dual deals as Exelixis monetizing non-oncology research while keeping XL184 (cabozantinib) post-XL184 termination — a strategic re-focusing…
BMS paid Exelixis $60M upfront across two preclinical deals — exclusive worldwide TGR5 license (up to $250M milestones) and an ROR antagonist collaboration (up…
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Exelixis licensed exclusive TGR5 agonist program ($250M milestones) and entered ROR antagonist collaboration ($255M milestones) with BMS for total $60M combined upfront. Followed XL184 codevelopment termination.
Not an acquisition of Exelixis at all — two small BMS licensing deals ($60M combined upfront, not $0.6B) on TGR5/ROR programs that both lapsed unproductively within three years, with zero drugs ever reaching the clinic-to-market finish line under BMS.
Assessment window: 15yr post-close.
Type 2 diabetes is a chronic metabolic disease defined by insulin resistance and progressive beta-cell dysfunction; ROR-pathway inflammatory disorders (psoriasis, IBD, RA) are driven in part by IL-17-secreting Th17 cells. Both target classes were preclinical novel mechanisms in 2010 with no marketed analogs.
TGR5 (GPBAR1) was a buzzy preclinical bile-acid GPCR target in 2010; agonism stimulates GLP-1 secretion, positioning it as complementary to the entrenched DPP-4 inhibitor class (Januvia/sitagliptin, Onglyza/saxagliptin) and the emerging GLP-1 analog class (Byetta/exenatide, Victoza/liraglutide). Competing TGR5 efforts at the time included programs at Genentech, Merck, and academic groups, but none reached late-stage development. ROR-gamma-t antagonism targeted Th17/IL-17 biology in autoimmune disease, competing conceptually with anti-IL-17 biologics later approved as Cosentyx (secukinumab) and Taltz (ixekizumab); GSK and Lycera were also pursuing small-molecule ROR antagonists. The BMS-Exelixis deal extended an existing partnership that had begun with the December 2008 oncology collaboration and the failed 2010 XL184/cabozantinib codevelopment termination — leaving Exelixis with full XL184 rights and adding $60M near-term cash plus up to $505M in milestones. The asset portfolio was preclinical; neither program ultimately produced a marketed product, but the deal validated Exelixis' discovery engine.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Bristol-Myers Squibb Company / Exelixis, Inc. (TGR5 + ROR programs) (this deal) | 2010 | $565M | 22 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Bristol-Myers Squibb Company / Celgene Corporation | 2019 | $74.0B | 77 |
| Bristol-Myers Squibb Company / MyoKardia Inc. | 2020 | $13.1B | 76 |
| Bristol-Myers Squibb Company / Karuna Therapeutics | 2023 | $14.0B | 76 |
| Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd. | 2011 | — | 76 |
| Bristol-Myers Squibb Company / SystImmune Inc. | 2023 | $8.4B | 71 |
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More: 2010 deals · Bristol-Myers Squibb Company deals · Immunology deals