Bristol-Myers Squibb, Pfizer Jointly Investigate New Anticoagulant


April 26, 2007

April 26, 2007 — Bristol-Myers Squibb Co. and Pfizer Inc. have announced a worldwide collaboration to develop and commercialize apixaban, an anticoagulant discovered by Bristol-Myers Squibb that is being studied for the prevention and treatment of a broad range of venous and arterial thrombotic conditions.

In a separate agreement, the companies will also collaborate on the research, development and commercialization of a Pfizer discovery program, which includes advanced preclinical compounds with potential applications for the treatment of metabolic disorders, including obesity and diabetes.

Phase III trials are currently underway investigating the potential use of apixaban in the prevention of venous thromboembolism (VTE), which includes deep vein thrombosis (DVT) and pulmonary embolism (PE), and the prevention of stroke in patients with atrial fibrillation (AF). Phase II trials are studying apixaban in the treatment of acute symptomatic DVT and for the secondary prevention of cardiovascular events in patients with acute coronary syndrome.

Terms of the apixaban agreement include an upfront payment of $250 million by Pfizer to Bristol-Myers Squibb. Pfizer will fund 60 percent of all planned development costs effective January 1, 2007 going forward, and Bristol-Myers Squibb will fund 40 percent. Bristol-Myers Squibb may also receive additional payments of up to $750 million based on development and regulatory milestones. The companies will jointly develop the clinical and marketing strategy of apixaban, and will share commercialization expenses and profits/losses equally on a global basis.

Pfizer will be responsible for all research and early-stage development activities for the metabolic disorders program, and the companies will jointly conduct Phase III development and commercialization activities. Bristol-Myers Squibb will make an upfront payment of $50 million to Pfizer as part of this agreement. The companies will share all development and commercialization expenses along with profits/losses on a 60-40 percent basis, with Pfizer assuming the larger share of both expenses and profit/losses.

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