Exelixis Retains Full Rights From BMS To Develop, Commercialise XL184

XL184, a clinically advanced MET inhibitor, is a collaborative effort of Exelixis and Bristol-Myers Squibb (BMS). Exelixis and BMS entered into development collaboration in December 2008.

As per the terms of the agreement, BMS and Exelixis had originally agreed to certain clinical development plans, and Exelixis maintained key rights regarding timing and funding of current and future clinical trials. Given the recent progress of BMS’ wholly-owned oncology pipeline and positive data generated by XL184, Exelixis and BMS were not able to align on the scope, breadth and pace of the ongoing clinical development of XL184.

Reportedly, BMS returned XL184 to Exelixis, thereby giving Exelixis the opportunity to advance the program as originally envisioned. BMS is expected to make a payment of $17m to Exelixis in connection with the return of XL184.

George Scangos, president and CEO of Exelixis, said: “The data that we recently presented at ASCO were encouraging. We certainly understand BMS’ need to make pipeline and prioritisation decisions, but from Exelixis’ perspective, XL184 is our advanced compound, the data are encouraging, and we need to rapidly develop the compound in indications justified by the data, including medullary thyroid cancer, glioblastoma, and some of the major tumor types being evaluated in the randomised discontinuation trial.

“We regret BMS’ decision, but we are pleased to now have the opportunity to develop XL184 independent of divergent pipeline and portfolio considerations. We have the resources to take XL184 forward on our own for some time and we see several attractive longer term options, which we are currently evaluating.”