Exelixis gets milestone on Cabometyx's EU approval

The European Commission approved Cabometyx cabozantinib from Exelixis Inc. (NASDAQ:EXEL) as monotherapy to treat advanced renal cell carcinoma (RCC) in patients previously treated with a VEGF inhibitor. The approval triggers a $60 million milestone payment to Exelixis from Ipsen Group (Euronext:IPN), which holds Cabometyx's rights outside the U.S., Canada and Japan (see BioCentury Extra, Feb. 29).

Cabometyx is a tablet formulation of cabozantinib, a spectrum-selective kinase inhibitor of VEGF receptor 2 ( VEGFR-2; KDR/Flk-1) and c-Met receptor tyrosine kinase (c-MET; MET; HGRF; c-Met proto-oncogene). It is approved in the U.S. for second-line treatment of RCC. Exelixis and Ipsen market a capsule form of cabozantinib as Cometriq for thyroid cancer. ...