Tallahassee, FL 11/8/11 (StreetBeat) --Tranzyme Pharma (Nasdaq: TZYM) today announced the extension of its chemistry-based drug discovery collaboration with Bristol-Myers Squibb Company to discover, develop and commercialize novel macrocyclic compounds directed against targets of interest to Bristol-Myers Squibb (NYSE: BMY).The collaboration, originally established in December 2009 for a period of two years, has been extended by Bristol-Myers Squibb for an additional six months term to June 2012. Bristol-Myers Squibb has the option to further extend the collaboration.
Under the terms of the agreement, Tranzyme is deploying its proprietary drug discovery technology, Macrocyclic Template Chemistry (MATCH(TM)), to identify novel macrocyclic drug candidates. Bristol-Myers Squibb is responsible for optimizing the identified lead compounds, and completing preclinical and clinical development of all products arising from the collaboration, and for their commercialization globally. Tranzyme will continue to receive research funding from Bristol-Myers Squibb during the duration of the extended term on the same terms and conditions as the current term. In addition, Tranzyme is eligible to receive the same development and regulatory milestones and tiered royalties for each product resulting from the collaboration. Total milestone payments under the agreement, excluding royalties, could reach up to approximately $80 million for each target program.
"Over the past two years, we have enjoyed a productive partnership with the Bristol-Myers Squibb team and are excited to continue this effort," said Helmut Thomas, Ph.D., DABT, Tranzyme Pharma's Senior Vice President, Research and Preclinical Development. "MATCH(TM) has broad applicability in multiple target types in diverse therapeutic areas."
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