Driven by our strategy to rapidly advance unique, high quality compounds successfully through the clinic, Vitae actively embraces strategic partnerships in all aspects of its business.

We seek collaborations with leading pharmaceutical companies to enhance two aspects of our pipeline development. We look for partnerships to provide additional resources to our priority programs to accelerate development and commercialization of our product candidates where strategically beneficial. We also look for partnership opportunities that leverage the value of our intellectual property assets which include specific expertise and a significant patent estate.

We operate with the firm belief that significant advances in drug discovery, development, and commercialization come from both inside and outside our company. By selectively and strategically combining ideas and resources with our partners, we can more quickly and effectively develop important drugs for unmet medical needs.

Boehringer Ingelheim GmbH

In October 2007, we formed a strategic alliance with Boehringer Ingelheim (BI) around our 11beta-HSD1 inhibitor program. With BI, we have an exclusive, worldwide strategic partnership to develop and commercialize novel compounds for patients with diabetes and related metabolic disease conditions, such dyslipidemia, obesity and hypertension. The alliance encompasses multiple series of novel, orally available 11beta-HSD1 inhibitors discovered by Vitae using our proprietary structure based design platform. Vitae and BI will combine their programs and collaborate to jointly select compounds for clinical development. BI will lead and fund development and commercialization of 11beta-HSD1 inhibitors. Vitae retains the right to develop compounds independently for certain indications outside of the core focus of diabetes and related metabolic conditions. Vitae received an initial cash payment, equity investment, and research funding. In addition, Vitae is eligible to receive up to $300 million in additional payments upon the achievement of success based milestones. Further milestones may be achieved with additional compounds or approved indications. BI will also pay us royalties on the sale of all products.

In June 2009, Vitae and BI formed a significant worldwide collaboration to research and develop beta-secretase (BACE) inhibitors for the treatment of Alzheimer's disease. This partnership builds upon the success of the diabetes and metabolic disease collaboration which has been an excellent experience for both companies. The companies will work jointly to identify and advance candidates for clinical development. Thereafter, BI will lead development and commercialization of all products for Alzheimer's disease. Vitae has the right to develop products independently for certain indications. Vitae will receive $42 million in upfront and near-term payments from BI consisting of upfront cash, equity and research funding. In addition, Vitae is eligible to receive $200 million in pre-commercial milestone payments based on the achievement of clinical and regulatory goals. Additional milestone payments are achievable for follow-on compounds and/or approved indications as well as sales related achievements in addition to royalties.

Intel Corporation

In January 2004, we announced a collaboration with Intel focused on Vitae's development and application of advanced machine learning technology incorporated with our rational drug design computational platform. In addition, Intel chose to make a strategic investment in Vitae. The companies have made a dramatic impact on computational approaches to drug design by drawing upon both companies' experience in the broad application of machine learning technology.

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