Exelixis said that it has submitted the corresponding data report to GlaxoSmithKline (GSK). Under the agreement, GSK has 90 days to review the data and decide whether to exercise its option to select the compound for further development and commercialization.
If GSK selects XL184, Exelixis would receive a $55 million milestone creditable by GSK against outstanding amounts under the loan facility between the parties, and potentially would receive commercialization milestones, royalties on product sales, and certain co-promotion rights in North America. Exelixis anticipates a decision from GSK by late October 2008.
XL184 is a small molecule anticancer compound targeting the MET, RET and VEGFR2 receptor tyrosine kinases. Recently, on the basis of encouraging Phase I trial data, Exelixis initiated a Phase III registration trial of XL184 for the potential treatment of medullary thyroid cancer.
Michael Morrissey, president of R&D at Exelixis, said: “We believe that XL184 shows great potential as a new therapy for patients with medullary thyroid cancer (MTC), for which no standard of care is currently available. Based on the current data in MTC and other cancers, we believe that XL184 strongly merits further development, either as part of our collaboration with GSK or by us independently.”