Sequenom Inc announced a genetics discovery collaboration with Bristol-Myers Squibb Company. Under the terms of the agreement, Sequenom will use its MassARRAY technology and extensive collection of DNA samples to genetically evaluate specific targets for Bristol-Myers Squibb in multiple disease areas. Bristol-Myers Squibb is funding the collaboration. Sequenom will receive milestone payments and royalties on products that result from the collaboration.

"Bristol-Myers Squibb is making significant progress in developing novel drug targets and we are proud to form this strategic relationship," said Toni Schuh, Sequenom's President and Chief Executive Officer. "This collaboration serves as an excellent example of the broad application of Sequenom's strategy to elucidate disease-related genes and genetic variations. This is an exciting opportunity to utilize our genetics discovery expertise with targets identified by Bristol-Myers Squibb in an effort to develop novel diagnostic and therapeutic products."

"We look forward to our collaborative efforts with Sequenom," said Nicholas C. Dracopoli, Vice President, Clinical Discovery Technologies at Bristol-Myers Squibb Pharmaceutical Research Institute. "This is an exciting opportunity to use Sequenom's genotyping platform and unique collection of DNA samples to screen a large set of our novel, early-stage drug targets for their role in a wide range of therapeutic areas."