Exelixis pockets $50M on Ipsen's first-line RCC approval

Ipsen Group (Euronext:IPN; Pink:IPSEY) said the European Commission approved an MAA for Cabometyx cabozantinib to treat first-line renal cell carcinoma, triggering a $50 million milestone payment to partner Exelixis Inc. (NASDAQ:EXEL). Cabometyx will now be indicated to treat intermediate or poor-risk patients with advanced RCC.

FDA added first-line RCC to Cabometyx's label in December 2017. Ipsen holds the drug's rights outside the U.S. and Japan from Exelixis...