Exelixis Amends Collaboration With GenOptera

05-Apr-2005

Exelixis, Inc. announced that Exelixis, Bayer CropScience and GenOptera LLC have mutually agreed to amend their collaboration agreement by ending the research phase of the work as of March 31, 2005. GenOptera is a joint venture established by Exelixis and Bayer CropScience to facilitate the development of new insecticides by combining Exelixis' expertise in model system genetics with the expertise of Bayer CropScience in insecticide discovery and development. GenOptera has been in existence since 2000, and during that time Exelixis scientists have identified many novel targets and delivered many formatted screening assays to Bayer CropScience.

Under the terms of the amended collaboration, the obligations of Bayer CropScience to fund further research cease and Exelixis will have no further obligations to perform research for GenOptera. As a result of the amendment, Exelixis expects to recognize $21.1 million in revenue in 2005, which consists of a termination payment by Bayer CropScience and the accelerated recognition of deferred revenue. The collaboration was successful for both parties. Exelixis delivered many interesting targets and screening assays to Bayer CropScience for further development in agriculture.

GenOptera was formed in January 2000 as a continuation of the collaboration that Exelixis and Bayer initially established in April 1998 and expanded in June 1999. Bayer CropScience will take over Exelixis' interest in GenOptera within six months after the date of the amendment. At that time, Bayer CropScience, through GenOptera, will have exclusive rights in the field of agriculture to assays, compounds and products developed under the collaboration, and Exelixis will have exclusive rights in all other fields.

https://www.bionity.com/en/news/44878/exelixis-amends-collaboration-with-genoptera.html