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THE WOODLANDS, TEXAS AND PRINCETON, NEW (n-t), 05.01.2004 16:39

Alliance Includes Depression, Anxiety, Schizophrenia, Pain and Alzheimer's Disease
Lexicon Genetics and Bristol-Myers Squibb Establish Neuroscience Alliance For Drug Development

Lexicon Genetics Incorporated (Nasdaq: LEXG) and Bristol-Myers Squibb Company (NYSE: BMY) today announced the formation of a broad alliance for drug discovery, development and commercialization in the neuroscience field. The alliance is designed to accelerate the discovery and development of breakthrough therapies to address significant, unmet medical needs in psychiatry and neurology.

Lexicon will contribute 13 drug discovery programs from its current neuroscience pipeline to the alliance. In addition, the alliance will have exclusive access to future neuroscience discoveries from Lexicon's Genome5000 program for drug development. In this program, Lexicon is analyzing 5,000 genes using its proprietary gene knockout technologies and its extensive physiological and behavioral analyses to discover novel drug targets from the human genome. Lexicon and Bristol-Myers Squibb will launch a joint medicinal chemistry and preclinical development effort to discover small molecule drugs addressing the new targets and advance them into clinical development. As drugs resulting from the collaboration enter clinical trials, Bristol-Myers Squibb will have the first option to assume full responsibility for clinical development and commercialization.

Lexicon will receive an upfront payment of $36 million from Bristol-Myers Squibb and a minimum of $30 million in research funding over the initial, three-year term of the agreement. Bristol-Myers Squibb has the option to extend the discovery portion of the alliance for an additional two years in exchange for further committed research funding of up to $50 million. Lexicon will receive additional cash payments for exceeding specified research productivity levels. Lexicon will also receive clinical and regulatory milestone payments for each novel drug target for which Bristol-Myers Squibb develops a drug under the alliance. Lexicon will earn royalties on sales of drugs commercialized by Bristol-Myers Squibb.

Lexicon and Bristol-Myers Squibb will share equally in the costs and resources devoted to joint medicinal chemistry and preclinical development efforts in the alliance. The party with responsibility for the clinical development and commercialization of drugs resulting from the alliance will bear the costs of those efforts.

The alliance combines Lexicon's ability to discover the physiological functions and pharmaceutical utility of genes through its gene knockout technologies with Bristol-Myers Squibb's pre-clinical, clinical and commercial expertise to accelerate the pace of drug discovery in neuroscience. Depression is estimated to affect 19 million people in the United States and currently accounts for over $11 billion of annual pharmaceutical sales. Schizophrenia affects one percent of the world's population -- two million people in the United States alone -- and accounts for over $3 billion in annual drug sales in the United States. Given the aging of the United States population, Alzheimer's disease and other cognitive and neurodegenerative disorders represent a growing medical problem.

"We consider Bristol-Myers Squibb to be the ideal partner for Lexicon's drug discovery efforts in neuroscience," said Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Lexicon. "With the success of ABILIFY™ (aripiprazole), Bristol-Myers Squibb has a rapidly growing franchise in neuroscience that we believe will set the stage for greater commercial success for products emerging from our alliance. We believe our respective strengths will create a lasting leadership position in the treatment of neurological and psychiatric disorders."

"Lexicon's industrialized program to discover the physiological functions of 5,000 genes will provide our alliance with a strategic advantage in identifying key drug targets from the human genome for neuroscience indications," said James B. D. Palmer, F.R.C.P., chief scientific officer and president, Pharmaceutical Research Institute, Bristol-Myers Squibb Company. "We believe that our successful track record with Lexicon under previous agreements places Bristol-Myers Squibb in an excellent position to assess the value that Lexicon has established. We look forward to utilizing our combined capabilities to discover the next generation of drugs for neuroscience indications."

Lexicon will conduct a conference call to discuss this alliance at 10:00 a.m. EST today, December 18, 2003. Conference call participants may dial: 800/289-0518 (domestic), 913/981-5532 (international). A replay of the call will be available through December 26, 2003. Replay numbers: 888-203-1112 (domestic), 719-457-0820 (international). Pass code for all callers: 370303. A webcast with presentation slides can be accessed at www.lexicon-genetics.com . It will be archived through December 26, 2003.

About Lexicon Genetics
Lexicon Genetics is a biopharmaceutical company focused on the discovery of breakthrough treatments for human disease. Lexicon is using gene knockout technology to systematically discover in living mammals, or in vivo, the physiological functions and pharmaceutical utility of genes. The Company's gene function discoveries fuel therapeutic discovery programs in diabetes, obesity, cardiovascular disease, psychiatric and neurological disorders, cancer, immune system disorders and ophthalmic disease. Lexicon has established drug discovery alliances and functional genomics collaborations with leading pharmaceutical and biotechnology companies, research institutes and academic institutions throughout the world to commercialize its technology and turn its discoveries into drugs. Additional information about Lexicon is available through its corporate website, www.lexicon-genetics.com.

This press release contains "forward-looking statements," including statements about Lexicon's growth and future operating results, discovery and development of products, strategic alliances, and intellectual property, as well as other matters that are not historical facts or information. These forward-looking statements are based on management's current assumptions and expectations and involve risks, uncertainties and other important factors, specifically including those relating to Lexicon's ability to develop drug candidates from its discoveries, achieve its operational objectives, obtain patent protection for its discoveries and establish strategic alliances, that may cause Lexicon's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Information identifying such important factors is contained under "Factors Affecting Forward-Looking Statements" and "Business - Risk Factors" in Lexicon's annual report on Form 10-K for the year ended December 31, 2002, as filed with the Securities and Exchange Commission. Lexicon undertakes no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

About Bristol-Myers Squibb
Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.

Bristol-Myers Squibb and Otsuka Pharmaceutical Co., Ltd. are collaborative partners in the development and commercialization of ABILIFY in the United States and major European countries. ABILIFY, which has been prescribed for more than 300,000 people in the United States, was discovered by Otsuka.

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors, competitive product development, governmental regulations and legislation, patent positions and litigation. There can be no guarantee that this collaboration will lead to the discovery or development of any products or that any product will receive regulatory approval or, if approved, will prove to be commercially successful. For further details and a discussion of these risks and uncertainties, see the company's Securities and Exchange Commission filings, including Bristol-Myers Squibb's 2002 annual report on Form 10-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.


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Kontaktinformationen:
For more information, contact: Chas Schultz, director Investor Relations and Financial Analysis, Lexicon Genetics, 281-863-3421, [email protected]; or Bristol-Myers Squibb Corporate Affairs - Tracy Furey, 609-252-3208, [email protected]; Brian Henry, 609-252-3337, [email protected]; or Bristol-Myers Squibb Investor Relations, John Elicker, 212-546-3775, [email protected]; Susan Walser, 212-546-4631, [email protected]
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