9:58 AM
May 17, 2018
 |  BC Extra  |  Company News

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.

Cabometyx tablets were already approved in the U.S. and EU in a second-line RCC setting. A capsule formulation of the drug is marketed in the U.S. and EU as Cometriq to treat medullary thyroid cancer.

Cabozantinib is an inhibitor of AXL receptor tyrosine kinase (AXL; UFO), c-Met receptor tyrosine kinase (c-MET; MET; HGFR; c-Met proto-oncogene) and VEGF receptor 1 (FLT1; VEGFR-1), VEGFR-2 and VEGFR-3.

Exelixis added $1.15 to $21.56 Thursday.

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