* Signs deal with Boehringer Ingelheim on autoimmune drugs
* To get $15 mln in upfront payment
* Q1 loss/shr slightly wider than estimates
* Shares up 11 pct
May 7 (Reuters) - Exelixis Inc said it entered into a collaboration with Germany's Boehringer Ingelheim to discover, develop and commercialize autoimmune disease therapies.
Under the terms, Exelixis will receive a $15 million upfront payment. In addition, it would receive up to $339 million in milestone payments.
The companies will share responsibility for discovery activities and Boehringer Ingelheim will have sole responsibility for all subsequent pre-clinical, clinical, regulatory, commercial and manufacturing activities, the companies said.
The collaboration is focused on the discovery of sphingosine-1-phosphate type 1 (S1P1) receptor agonists that have shown encouraging activity in preclinical models of transplant rejection and autoimmune disease, and clinical benefit in multiple sclerosis patients.
Exelixis currently has collaborations with Bristol-Myers Squibb Co on development of cancer drugs.
The company also reported a narrower quarterly loss that was slightly wider than analysts' estimates.
Net loss for the first quarter was $36.2 million, or 34 cents a share, compared with a net loss of $41.3 million, or 39 cents a share, for the year-ago period.
Shares of the company were up 11 percent in after-hours trade from their Thursday's close of $4.59 on Nasdaq.
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(Reporting by Esha Dey in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: EXELIXIS/ (esha.dey@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: esha.dey.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* To get $15 mln in upfront payment
* Q1 loss/shr slightly wider than estimates
* Shares up 11 pct
May 7 (Reuters) - Exelixis Inc said it entered into a collaboration with Germany's Boehringer Ingelheim to discover, develop and commercialize autoimmune disease therapies.
Under the terms, Exelixis will receive a $15 million upfront payment. In addition, it would receive up to $339 million in milestone payments.
The companies will share responsibility for discovery activities and Boehringer Ingelheim will have sole responsibility for all subsequent pre-clinical, clinical, regulatory, commercial and manufacturing activities, the companies said.
The collaboration is focused on the discovery of sphingosine-1-phosphate type 1 (S1P1) receptor agonists that have shown encouraging activity in preclinical models of transplant rejection and autoimmune disease, and clinical benefit in multiple sclerosis patients.
Exelixis currently has collaborations with Bristol-Myers Squibb Co on development of cancer drugs.
The company also reported a narrower quarterly loss that was slightly wider than analysts' estimates.
Net loss for the first quarter was $36.2 million, or 34 cents a share, compared with a net loss of $41.3 million, or 39 cents a share, for the year-ago period.
Shares of the company were up 11 percent in after-hours trade from their Thursday's close of $4.59 on Nasdaq.
For the alerts, please click on
(Reporting by Esha Dey in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: EXELIXIS/ (esha.dey@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: esha.dey.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.