The present invention relates to isoxazole derivatives of formula (I) and their synthesis as inhibitors of leukotriene (LT) biosynthesis by modulating the activity of 5-lipoxygenase (5-LO) and 5-lipoxygenase-activating protein (FLAP). The present invention also relates to pharmaceutical compositions comprising these isoxazole derivatives, as well as, their use for treating leukotriene-related inflammatory disorders such as bronchial asthma, chronic obstructive pulmonary disease (COPD), allergic rhinitis, psoriasis, pruritus, arthritis, atherosclerosis, cancer and other inflammatory and autoimmune ailments.