SOUTH SAN FRANCISCO, Calif., Nov 12, 2010 (BUSINESS WIRE) -- Exelixis, Inc. (Nasdaq:EXEL) announced that today it granted restricted stock units representing an aggregate of 45,900 shares of Exelixis common stock to four new employees. The restricted stock unit awards vest as to 1/4^th of the shares subject to the restricted stock unit award on the first established quarterly vesting date following the one-year anniversary of the employee's date of hire and thereafter as to 1/16^th of the original number of shares subject to the restricted stock unit award on each succeeding February 15^th, May 15^th, August 15^th and November 15^th subject to the new employee's continued service relationship with Exelixis on each such date.

The restricted stock awards are subject to the terms and conditions of the Exelixis 2010 Inducement Award Plan and were granted as an inducement material to the new employees' entering into employment with Exelixis in accordance with NASDAQ listing Rule 5635(c)(4).

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. The company is leveraging its biological expertise and integrated research and development capabilities to generate a pipeline of development compounds with significant therapeutic and commercial potential for the treatment of 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 Company, sanofi-aventis, GlaxoSmithKline, Genentech (a wholly owned member of the Roche Group), Boehringer Ingelheim, and Daiichi-Sankyo. For more information, please visit the company's web site at www.exelixis.com.

Exelixis and the Exelixis logo are registered U.S. trademarks.

SOURCE: Exelixis, Inc.

Exelixis, Inc.
Investor Contacts:
Charles Butler, 650-837-7277
Vice President, Investor Relations and Corporate Communications
cbutler@exelixis.com
or
Exelixis, Inc.
DeDe Sheel, 650-837-8231
Associate Director, Investor Relations
dsheel@exelixis.com