Ipsen gains certain rights to Exelixis' cabozantinib in multimillion dollar deal
US biotech firm Exelixis (Nasdaq EXEL) and French drugmaker Ipsen (Euronext: IPN) have entered into an exclusive licensing agreement for the commercialization and further development of cabozantinib, Exelixis’ lead oncology drug.
Shares of Exelixis jumped nearly 12% to $4.07 in after-hours trading yesterday when the deal was announced. Ipsen gained 0.89 euros to 53.02 euros, but was down 5.9% at 49.87 euros this morning.
Under the accord, Ipsen will have exclusive commercialization rights for current and potential future cabozantinib indications outside of the USA, Canada and Japan. This agreement includes rights to Cometriq (cabozantinib), which is currently approved in the European Union for the treatment of adult patients with progressive, unresectable, locally advanced or metastatic medullary thyroid cancer (MTC), but revenues have been modest, with less than $10 million sales in the fourth quarter of 2015.
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