Codexis, Inc. has extended the term of an existing research agreement with Bristol-Myers Squibb and will receive an undisclosed milestone payment for having successfully achieved the program's research milestone.

The research agreement focused on improving biocatalyst productivity for an undisclosed product candidate in the BMS pipeline using Codexis' proprietary MolecularBreeding directed evolution platform. Under the extended term of the agreement Codexis will receive additional undisclosed research funding and an additional payment, at BMS's option, upon delivery of an enzyme for pilot-scale testing at BMS. Further terms were not disclosed.

"We are delighted to announce the extension of the term of this agreement with BMS, one of the world's leading human therapeutics companies," said Alan Shaw, Ph.D., Codexis president and chief executive officer.