Exelixis to Receive $140 Million Upfront Payment and Guaranteed Research Funding
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--May. 28, 2009--
Sanofi-aventis (PARIS:SAN) and (NYSE:SNY) and Exelixis, Inc.
(Nasdaq:EXEL) today announced a global license agreement for XL147 and
XL765 and a broad collaboration for the discovery of inhibitors of
phosphoinositide-3 kinase (PI3K) for the treatment of cancer. Activation
of the PI3K pathway is a frequent event in human tumors, promoting cell
proliferation, survival and resistance to chemotherapy and radiotherapy.
Under the license, sanofi-aventis will have a worldwide exclusive
license to XL147 and XL765, which are currently in phase 1 and phase
1b/2 clinical trials, and will have sole responsibility for all
subsequent clinical, regulatory, commercial and manufacturing
activities. Exelixis will participate in conducting ongoing and
potential future clinical trials and manufacturing activities.
Under the discovery collaboration, Exelixis and sanofi-aventis will
combine efforts in establishing several pre-clinical PI3K programs and
jointly share responsibility for research and preclinical activities
related to isoform-selective inhibitors of PI3K. Sanofi-aventis will
have sole responsibility for all subsequent clinical, regulatory,
commercial and manufacturing activities of any products arising from the
collaboration; however, Exelixis may be responsible for conducting
certain clinical trials.
Sanofi-aventis will pay Exelixis aggregate upfront cash payments of $140
million under the license and collaboration. Exelixis will also receive
guaranteed research funding of $21 million over a three year research
term under the collaboration. For the license and the collaboration,
Exelixis will be eligible to receive development, regulatory and
commercial milestones of over $1 billion in the aggregate, as well as
royalties on sales of any products commercialized under the license or
collaboration.
“Sanofi-aventis has a track record of success in commercializing
innovative cancer therapies and is deeply committed to advancing the
care of cancer patients,” said George A. Scangos, Ph.D., president and
chief executive officer of Exelixis. “We believe that their expertise
and resources will enable us to move aggressively in advancing the
development of XL147 and XL765 and other potential PI3K inhibitors. The
data generated to date in the XL147 and XL765 clinical programs suggest
that these compounds may have utility in treating diverse cancers.
Sanofi-aventis and Exelixis are committed to realizing the full
potential of these compounds and other PI3K inhibitors to provide cancer
patients with new treatment options.”
The effectiveness of the license and collaboration is subject to
antitrust clearance under the Hart-Scott-Rodino Antitrust Improvements
Act and other customary regulatory approvals.
Oral Presentations
Clinical data from the phase 1 trials of XL147 and XL765 will be
presented at the 2009 American Society of Clinical Oncology Annual
Meeting, which will be held from May 29 to June 2, 2009 in Orlando,
Florida:
-
“Phase 1 dose-escalation study of XL147, a PI3K inhibitor administered
orally to patients with solid tumors” will be presented on Monday,
June 1, 2009, starting at 1:30 p.m. local time (Abstract #3500)
-
“A Phase 1 dose-escalation study of the safety, pharmacokinetics (PK)
and pharmacodynamics of XL765, a PI3K/TORC1/TORC2 inhibitor
administered orally to patients (pts) with advanced solid tumors” will
be presented on Monday, June 1, 2009 starting at 2:00 p.m. local time
(Abstract #3502)
XL147 and XL765 target PI3K, which plays an important role in cell
proliferation and survival. XL765 also inhibits the mammalian target of
rapamycin (mTOR), which can be activated via upregulation of PI3K, or
via PI3K-independent mechanisms. mTOR is frequently activated in human
tumors and plays a central role in tumor cell proliferation.
Conference Call and Webcast
Exelixis will hold a live webcast today, Thursday, May 28, 2009, from
8:00 a.m. ET / 5:00 a.m. PT to 9:00 a.m. ET / 6:00 a.m. PT., during
which Exelixis management will discuss the license and collaboration.
The webcast may be accessed in the Event Calendar page under Investors
at http://www.exelixis.com.
About Exelixis
Exelixis, Inc. is a development-stage biotechnology company dedicated to
the discovery and development of novel small molecule therapeutics for
the treatment of cancer and other serious diseases. The company is
leveraging its fully integrated drug discovery platform to fuel the
growth of its development pipeline, which is primarily focused on
cancer. Currently, Exelixis’ broad product pipeline includes
investigational compounds in phase 3, phase 2, and phase 1 clinical
development. Exelixis has established strategic corporate alliances with
major pharmaceutical and biotechnology companies, including
Bristol-Myers Squibb, GlaxoSmithKline, Genentech, Boehringer Ingelheim,
Wyeth Pharmaceuticals, and Daiichi-Sankyo. For more information, please
visit the company’s web site at www.exelixis.com.
Forward-Looking Statements
This press release contains forward-looking statements by Exelixis,
including, without limitation, statements related to the anticipated
effectiveness of the license and collaboration described in this press
release; the companies’ plan for sanofi-aventis to have sole
responsibility for all subsequent clinical, regulatory, commercial and
manufacturing activities with respect to XL147 and XL765 and for
Exelixis to participate in conducting ongoing and potential future
clinical trials and manufacturing activities; the companies’ plan to
combine efforts in establishing pre-clinical PI3K programs and jointly
share responsibility for research and preclinical activities under the
collaboration; the companies’ plans for sanofi-aventis to have sole
responsibility for all subsequent clinical, regulatory, commercial and
manufacturing activities of any products arising from the collaboration
and for Exelixis to potentially have responsibility for conducting
certain clinical trials; Exelixis’ receipt of upfront payments and
guaranteed research funding; Exelixis’ potential receipt of development,
regulatory and commercial milestones, as well as royalties on sales of
any products commercialized under the license or collaboration; and the
future development path and commercial and therapeutic potential of
XL147, XL765 and other potential PI3K inhibitors. Words such as "will,"
“may,” “eligible,” “believe,” “suggest,” “potential” and similar
expressions are intended to identify forward-looking statements. These
forward-looking statements are based upon Exelixis' current plans,
assumptions, beliefs and expectations. Forward-looking statements
involve risks and uncertainties. Exelixis' actual results and the timing
of events could differ materially from those anticipated in such
forward-looking statements as a result of these risks and uncertainties,
which include, without limitation, risks related to the potential
failure of XL147, XL765 and other potential PI3K inhibitors to
demonstrate safety and efficacy in clinical testing; the therapeutic and
commercial value of XL147, XL765 and other potential PI3K inhibitors;
the uncertainty of the FDA approval process; market competition; and
Exelixis' dependence on its relationship with its collaboration
partners. These and other risk factors are discussed under “Risk
Factors” in Exelixis’ Quarterly Report for the quarter ended April 3,
2009 and Exelixis’ other reports filed with the Securities and Exchange
Commission. Exelixis expressly disclaims any duty, obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in
Exelixis' expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based.
Source: Exelixis, Inc.
Exelixis, Inc.
Charles Butler, 650-837-7277 (Investor
Contact)
Executive Director,
Corporate
Communications
cbutler@exelixis.com
or
Exelixis,
Inc.
Soleil Maxwell Harrison, 650-837-7012 (Media Contact)
Senior
Manager,
Corporate Communications
sharrison@exelixis.com