Exelixis, Sobi Extend & Restructure Distribution Agreement For COMETRIQ

(RTTNews) - Exelixis, Inc. (EXEL) has extended and restructured its agreement with Swedish Orphan Biovitrum AB or Sobi to support the distribution and commercialization of COMETRIQ for progressive, unresectable, locally advanced or metastatic medullary thyroid cancer or MTC in the European Union or EU, Switzerland, Norway, Russia, and Turkey. The deal, established in February 2013 and due to expire on December 31, 2015, would currently extend to December 31, 2019.

Moreover, the partnership's payment structure would transition from fixed fees paid by Exelixis to Sobi to support initial build out of COMETRIQ European commercial infrastructure to a sales margin-based approach. Exelixis continues to maintain commercial rights for all other potential cabozantinib oncology indications on a global basis.

Michael Morrissey, president and chief executive of Exelixis, stated: "Over the course of this coming year, we anticipate reaching several key milestones for the company, including receipt of top-line data from the METEOR phase 3 trial of cabozantinib in metastatic renal cell carcinoma in the second quarter, and regulatory progress with our partnered compound cobimetinib for metastatic melanoma in both the United States and European Union."

Sobi exclusively markets, sells, and distributes COMETRIQ for its MTC indication in the covered territory of the European Union, Switzerland, Norway, Russia, and Turkey.