Exelixis (EXEL), Takeda (TKPYY) in Deal for Cancer Therapy; Teva Pharma (TEVA) Plunges on U.S. Court Decision
Exelixis, Inc. (Nasdaq:EXEL) said after the closing bell Monday that it has signed an exclusive licensing agreement with Japanese drug giant Takeda Pharmaceutical Co. Ltd. (OTCMKTS:TKPYY) for its cancer therapy Cabozantinib in Japan.
The deal calls, among other things, for Takeda to pay Exelixis $50 million upfront, up to $95 million based on the achievement of pre-determined product milestones and Exelixis is eligible also to receive sales royalties.
EXEL stock finished the regular session in negative territory by 1.56% (or -$0.29) at $18.28, with a total volume of 5.05M shares traded.
Exelixis, which is engaged in developing small molecule therapies for the treatment of cancer, has 286.46M shares outstanding, market capitalization (intraday) of $5.26B and EXEL stock 52-week range is from $3.55 to $19.30 per share.
Shares of Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) slumped more than 6% to near their 52-week low levels in after-hours trading Monday as the Israel-based drugmaker said that a U.S. District Court has ruled that its asserted claims of four Orange Book-listed patents relating to its top-selling multiple sclerosis treatment Copaxone (glatiramer acetate injection) 40 mg/mL were invalid.
TEVA stock closed at $34.52, down $0.07 (or -0.20%), and 7.66M of its shares changed hands during the day.
Teva Pharmaceutical, which develops, manufactures, markets, and distributes generic medicines and a portfolio of specialty medicines worldwide, has 1.01B shares outstanding. At close on Monday, the company had a market capitalization of $34.90B and TEVA stock one-year range was from $32.11 to $62.80 per share
Disclaimer: The disclaimer is to be read and fully understood before using our site, or joining our email list. GalaxyStocks is not a registered investment adviser. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Investors should always conduct their own due diligence with any potential investment, with independent research and other professional advice. Read full disclaimer at http://galaxystocks.com/disclaimer/