Exelixis signs $200 million licensing deal for cancer drug
pharmafile | March 1, 2016 | News story | Research and Development, Sales and Marketing | Cancer, Cometriq, Exelixis, ipsen
Exelixis has signed a licensing agreement with French biotech firm Ipsen for its cancer drug Cometriq (cabozantinib) for an upfront payment of $200 million, which could eventually rise as high as $855 million.
Under the terms of the deal, revealed in a joint statement by the companies, California-based Exelixis is also eligible for regulatory milestone payments, including $60 million upon the approval of cabozantinib in Europe for advanced renal cell carcinoma (RCC) and $50 million upon the filing and approval of cabozantinib in Europe for advanced hepatocellular carcinoma (HCC), as well as additional regulatory milestones for potential further indications. Cometriq is currently approved in both the US and EU for the treatment of medullary thyroid cancer.
The agreement also includes up to $545 million of potential commercial milestones, and allows Exelixis to receive tiered royalties up to 26% on Ipsen’s net sales of Cometriq in its territories.
Marc de Garidel, chairman and chief executive officer of Ipsen, says: “The robust results from the Meteor study in advanced renal cell carcinoma demonstrate that cabozantinib has the potential to become a key oncology product in Europe. This transaction will help Ipsen accelerate the growth of the company and strengthen its oncology footprint in Europe. We are excited to bring cabozantinib to patients and clinicians around the world.”
Ipsen will have exclusive marketing rights for current and potential future cabozantinib indications outside of the US, Canada and Japan, according to the agreement.
Michael Morrissey, president and chief executive of Exelixis, says: “Ipsen’s established international oncology marketing presence, late-stage clinical development expertise and shared vision with Exelixis for the franchise potential of cabozantinib will accelerate (its) commercialisation in its territories, while Exelixis remains focused on our launch in the United States. While our immediate priority will be on advanced renal cell carcinoma, Exelixis and Ipsen are committed to exploring and potentially developing cabozantinib in a variety of cancer settings.”
The companies have agreed to collaborate on the development of Cometriq for current and potential future indications. Exelixis will maintain exclusive commercial rights to the drug in the US and Canada, and continue its discussions to partner commercial rights in Japan.
Anjali Shukla
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