Exelixis Inks Two Licensing Pacts For Cancer Programs

  • Exelixis Inc EXEL posted Q3 sales of $411.7 million, up 26% Y/Y, beating the consensus of $404.30 million.
  • The company posted an adjusted EPS of $0.31, above the consensus of $0.20.
  • Exelixis revised FY22 sales guidance from $1.525-$1.625 billion to $1.575-$1.600 billion.
  • Exelixis and Cybrexa Therapeutics announced an exclusive collaboration agreement providing Exelixis the right to acquire CBX-12, a peptide-drug conjugate (PDC) that utilizes Cybrexa's proprietary alphalex technology to enhance the delivery of exatecan to tumor cells. 
  • Exelixis will pay Cybrexa an upfront fee of $60 million. Cybrexa may also be eligible to receive up to an additional $642.5 million in milestone payments.
  • Concurrently, Exelixis and Sairopa B.V. announced an exclusive clinical development and option agreement for ADU-1805, a monoclonal antibody that targets SIRPα expressed on myeloid cells.
  • Exelixis will make an upfront payment to Sairopa of $40 million and an additional $70 million in near-term milestones for an option to obtain an exclusive, worldwide license to develop and commercialize ADU-1805 and other anti-SIRPα antibodies.
  • Exelixis has the right to exercise its option for an option exercise fee of $225 million. 
  • IND filing for ADU-1805 is expected in Q1 2023.
  • Price Action: EXEL shares closed at $16.80 on Tuesday.
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