Bristol-Myers Squibb Company And Ambit Biosciences Corporation Expand Research Pact

SAN DIEGO--(BUSINESS WIRE)--Dec. 12, 2005--Ambit Biosciences today announced that it has expanded its collaboration with Bristol-Myers Squibb Company (NYSE:BMY) for the discovery of kinase inhibitors. The five-year agreement provides Bristol-Myers Squibb with access to Ambit's proprietary kinase profiling technology, KinomeScan, to accelerate its internal drug discovery and development efforts. As part of the transaction, Bristol-Myers Squibb granted Ambit an exclusive license to develop product candidates from a solid tumor-directed preclinical kinase inhibitor program. In addition, Ambit will receive an upfront payment, an equity investment and profiling revenues over the five-year term.