Printer Friendly

Exelixis Inc. (Nasdaq) surged $1.15, or 26%, to $5.55.

Exelixis Inc. (Nasdaq) surged $1.15, or 26%, to $5.55. The company sealed an exclusive deal with French drugmaker Sanofi-Aventis SA to develop several of its cancer drugs that would pay the U.S. biotech company at least $161 million in upfront and research fees. "The deal should further extend Exelixis' cash runway, allowing the company to operate independently of the capital markets for some years," Cowen & Co. analyst Eric Schmidt wrote in a research note. Sanofi will pay Exelixis $140 million in upfront fees and research funding of $21 million over three years. Exelixis could also receive milestone payments of more than $1 billion as well as royalties on sales. Under the agreement, Sanofi will have an exclusive worldwide license to XL147 and XL765, which are in Phase I clinical trials.

COPYRIGHT 2009 MedContent Media, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Medical Stock Spotlight; Sanofi-Aventis S.A.
Publication:MondayMorning
Article Type:Brief article
Date:Jun 1, 2009
Words:133
Previous Article:Map Pharmaceuticals Inc.
Next Article:Novartis buys cancer drug unit; Bolsters Generics Line.
Topics:

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters