Stock Alert: Exelixis Shares Up 13% In Pre-Market

(RTTNews) - Shares of Exelixis Inc. (EXEL) are rising over 13% in pre-market today, after the company announced its partner Takeda Pharma received approval from the Japanese Ministry of Health, Labor and Welfare to manufacture and market CABOMETYX as a treatment for patients with curatively unresectable or metastatic renal cell carcinoma or RCC.

According to the terms of Exelixis and Takeda's collaboration and license agreement, Exelixis is eligible to receive a $31 million milestone payment from Takeda upon the first commercial sale of CABOMETYX for unresectable or metastatic RCC.

The stock has been trading between $13.67 and $25.20 in the past one year, and closed Tuesday's trade at $15.85, up 51 cents or 3.32%. EXEL is currently trading at $17.99, up $2.14 or 13.50% in the pre-market trading session.