$EXEL's fat wallet beefs up its cancer drug pipeline
Exelixis Inc. President and CEOwarned that the company wasn't going to just sit on its cancer drug franchise, not with $2 billion in cash, equivalents and investments.
In the Sairopa deal, Exelixis will pay $40 million upfront and $70 million in near-term milestones for an exclusive, worldwide license to develop and sell Sairopa's ADU-1805. The drug is a monoclonal antibody targeting a protein — called signal regulatory protein alpha, or SIRPa — that protects cancer-associated proteins from being detected by the immune system's T cells and helps block the ability to clear tumor cells.
The moves were announced as Exelixis reported its third-quarter financials that showed the company with a $212.4 million profit through the first nine months of the year on revenue of nearly $1.19 billion.
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