Exelixis Defends Cancer Drug XL184 After Partner BMS Walks Out
This article was originally published in The Pink Sheet Daily
After spending $257 million and pushing into Phase III trials for a rare thyroid cancer, Bristol-Myers Squibb ends its deal. Exelixis CEO George Scangos says: "There is no smoking gun."
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With little leverage against Big Pharma, some smaller companies are turning away from long-standing partnering strategies. It’s one reason dealmaking slowed considerably in 2012, part of a three-year trend that also highlights increasing reliance on heavily structured partnerships.
Exelixis says one pain study may do it for approval, despite losing an SPA with FDA and the agency’s preference for an overall survival endpoint.
Progression-free survival benefit in Phase III trial of rare medullary thyroid cancer was even better than expected, though full safety results are needed to flesh out the drug’s profile.