- Exelixis (NASDAQ:EXEL) is up a modest 1% premarket on light volume in response to its announcement that the European Commission has approved CABOMETYX (cabozantinib) for the treatment of adult patients with advanced renal cell carcinoma (RCC) who have received prior vascular endothelial growth factor (VEGF)-targeted therapy. The approval was expected following a positive Ad Comm vote in July.
- The action triggers a $60M milestone payment from licensee Ipsen (OTCPK:IPSEY)(OTCPK:IPSEF) who has commercialization rights worldwide excluding the U.S., Canada and Japan.
- The FDA approved the RCC indication in April.
- Cabozantinib inhibits enzymes called tyrosine kinases, which play roles in the proliferation and survival of cancer cells.