SOUTH SAN FRANCISCO, Calif., Sept. 10 /PRNewswire-FirstCall/ -- Exelixis, Inc. (Nasdaq: EXEL) announced today that it has agreed to sell 7,000,000 shares of its common stock pursuant to an effective automatic shelf registration statement. Exelixis will also grant the underwriter a 30-day option to purchase up to an additional 1,050,000 shares of common stock. All of the shares in the offering will be sold by Exelixis. Goldman, Sachs & Co. is acting as the sole underwriter for the offering. Closing of the offering is expected to occur on or about September 13, 2007, subject to customary closing conditions.

The offering is being made pursuant to an effective automatic shelf registration statement. The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to: Goldman, Sachs & Co., Attn: Prospectus Department, 85 Broad Street, New York, New York 10004, Fax: 212-902-9316 or Email at prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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.

Safe Harbor Statement

This press release contains forward-looking statements. Words such as "expects," "intends" and similar expressions are intended to identify forward- looking statements. These forward-looking statements are based upon Exelixis' current 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 and uncertainties related to satisfaction of customary closing conditions related to the public offering. There can be no assurance that Exelixis will complete the offering of the common stock on the anticipated terms, or at all. In addition, Exelixis' business is subject to the risks detailed in Exelixis' filings with the Securities and Exchange Commission. Exelixis expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

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

SOURCE Exelixis, Inc.
CONTACT: Frank Karbe, Chief Financial Officer, +1-650-837-7565, fkarbe@exelixis.com, or Charles Butler, Director, Investor Relations, +1-650-837-7277, cbutler@exelixis.com, both of Exelixis, Inc.,
Web site: http://www.exelixis.com