Friday, July 15, 2011

Exelixis lands on its feet again with another cancer drug giveback

Leave it to Exelixis Inc. to (again) turn a negative into a positive.
Britol-Myers Squibb will return an early-stage cancer drug, which could have translated into $315 million in bio bucks plus sales performance milestones and double-digit royalties, to South San Francisco-based Exelixis (NASDAQ: EXEL).
Exelixis — now concentrating on cabozantinib, a drug that BMS gave back little more than a year ago — said it has no plans to further research and development or eventually commercialize the drug.
A bummer? Yeah, probably. A lost opportunity? Maybe. A total loss? No.

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