Genentech exercises option for Exelixis compound

Genentech (NYSE:DNA) exercised its option to license worldwide rights to XL518, a MEK inhibitor from Exelixis (NASDAQ:EXEL) that is in Phase I testing for cancer. The move triggers a $3 million payment to Exelixis under a 2007 deal (See BioCentury Extra, Wednesday, Jan. 03, 2007). ...