Bristol-Myers Squibb terminates XL184 collaboration with Exelixis

It has been announced that Bristol-Myers Squibb will pay $17 million to end its development collaboration for Exelixis’s (EXEL.O) experimental cancer drug XL184. Exelixis will continue to develop the drug, which is being studied as a treatment for thyroid cancer, glioblastoma and other solid tumors. Under a deal signed in late 2008, Bristol-Myers had paid Exelixis $240 million for the rights to XL184 and another drug, called XL281, a $195 million upfront cash payment, plus additional license payments of $45 million in 2009.

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