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Exelixis (EXEL +3.6%) says it's licensed its PI3K-delta research and development program to...

Exelixis (EXEL +3.6%) says it's licensed its PI3K-delta research and development program to Merck (MRK +0.2%) for $12M plus an additional $239M in combined milestone and royalty payments. The sale will allow the company to focus its energies on developing its lead compound cabozantinib, a potential treatment for cancer.
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