Exelixis, Ipsen in cabozantinib partnership
Exelixis Inc. (NASDAQ:EXEL) gained $0.43 (12%) to $4.07 in early after-hours trading after it granted Ipsen Group (Euronext:IPN; Pink:IPSEY) exclusive rights to develop and commercialize cancer drug cabozantinib ( XL184) outside of the U.S., Canada and Japan. Exelixis markets a capsule formulation of cabozantinib as Cometriq in the U.S. and EU to treat medullary thyroid cancer (MTC).
Exelixis will receive $200 million up front. It is eligible for a $60 million milestone upon European approval of cabozantinib for metastatic renal cell carcinoma (RCC), and a total of $50 million in milestones if the candidate is filed and approved in Europe to treat advanced hepatocellular carcinoma (HCC). It also is eligible for $545 million in commercial milestones, plus tiered royalties up to 26% on cabozantinib sales. ...