Continuing their alliance despite its ups and downs, Exelixis and Bristol-Myers Squibb have entered two new collaborations. The South San Francisco-based biotech firm has granted BMS an exclusive license to its small-molecule TGR5 agonist for treatment of diabetes. The two companies also will collaborate on discovery and development of small-molecule ROR antagonists as anti-inflammatory drugs. BMS will make a combined payment to Exelixis of $60 million. Exelixis will be eligible for up to $250 million in milestone payments for the TGR5 agonist and $255 million for the ROR antagonists. The biotech firm announced several other adjustments to its ongoing collaboration with BMS, including a decision to opt out of codeveloping XL139, a cancer compound, in the interest of concentrating on Phase III development of the cancer treatment XL184, the most advanced drug in its pipeline. In 2008, BMS signed on to codevelop two Exelixis compounds, including XL184, that had been rejected by GlaxoSmithKline at the end of a six-year pact. But in June, BMS returned rights to XL184 after the partners could not agree on a clinical development path.