Exelixis and Sanofi terminate $1 billion cancer deal

23 December 2011

US biotechnology firm Exelixis (Nasdaq: EXEL) says its oncology deal with French drug Major Sanofi (Euronext: SAN), for the discovery of inhibitors of Phosphoinositide-3 Kinase (PI3K) alpha and beta for the treatment of cancer, has been terminated. The deal, signed more than two years ago, gave Exelixis an upfront payment of $140 million and the potential for total regulatory and commercial milestones payments of as much as $1 billion (The Pharma Letter June 1, 2009).

According to a filing with the US Securities and Exchange Commission, Exelixis said that the companies had mutually agreed to terminate the collaboration agreement in light of the US firm’s announcement in 2010 to focus its resources and development efforts on cabozantinib (XL184), the company’s most advanced compound being developed for the treatment of medular thyroid cancer and metastatic castration-resistant prostate cancer (CRPC).

Sanofi to make $15.25 million payment

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