Exelixis (EXEL) said Wednesday it received a $10 million milestone payment from Bristol-Myers Squibb (BMY). Shares climbed more than 2.5% intraday.
The payment was made as part of the terms of a worldwide collaboration for compounds targeting retinoic acid-related orphan receptor (ROR), a family of nuclear hormone receptors implicated in inflammatory conditions, according to a statement. It was triggered by Bristol-Myers Squibb’s filing of a clinical trial authorization in Europe for a first-in-human study of a RORγt inverse agonist.
Exelixis could potentially receive additional development and regulatory milestones of up to $240 million, commercialization milestones of up to $150 million, and royalties on net sales depending on the advancement of the product candidate and eventual product.
Shares traded near the top end of their 52-week price range of $10.04 – $29.50.