Exelixis GlaxoSmithKline Product Development and Commercialization Agreement

Exelixis' Form 10-K for 2005 summarizes the transactions with GlaxoSmithKline:

• October 2002: Exelixis and GlaxoSmithKline entered into a collaboration to discover and develop novel therapeutics in the areas of vascular biology, inflammatory disease and oncology.GlaxoSmithKline paid Exelixis $30 million in an upfront fee and agreed to pay $90.0 million in research and development funding over the first six years of the collaboration.
• January 2005: Under the amended collaboration, the program shifted to 12 internal programs. GlaxoSmithKline has the right to select from these programs up to two compounds at proof-of-concept (completion of Phase 2a clinical trial) or three compounds if GlaxoSmithKline extends the collaboration.
• If GlaxoSmithKline selects three compounds, Exelixis could receive in excess of $200 million in acceptance milestones.
• In May 2005, Exelixis filed the third of three INDs required by the amended PDA to achieve a $30 million milestone, and submitted two new development candidates to GlaxoSmithKline, thereby triggering an additional $5 million milestone
• GlaxoSmithKline has agreed to provide research funding of $47.5 million over the remaining three-year term of the collaboration, of which Exelixis received $12.5 million in 2005.
• GlaxoSmithKline purchased an additional 1 million shares of Exelixis common stock in January 2005 at a $2.2 million premium.

Here is the full text of the original Exelixis GlaxoSmithKline Product Development and Commercialization Agreement of October 28, 2002.

Here is the 8-K for the amendment, and the full text of the First Amendment to the Product Development and Commercialization Agreement.