Exelixis walks away from immuno-oncology pact with BioInvent

12 Jan 2024
firstwordpharma.com
Phase 3Drug ApprovalImmunotherapy
BioInvent has regained full rights to immuno-oncology targets from Exelixis following a recent corporate restructuring that will see the latter prioritise its pipeline of clinical and near-clinical programmes. As part of the partnership formed in 2022, Exelixis agreed to pay $25 million upfront plus success-based milestones in exchange for rights to three targets identified using BioInvent's proprietary F.I.R.S.T screening platform.
"The success of our internal drug discovery efforts…compels a rebalancing of our investment priorities from early-stage research to product development activities," remarked Exelixis CEO Michael Morrissey during a corporate update earlier this week. The company's plans for 2024, he said, include filing label expansions for its cancer treatment Cabometyx (cabozantinib).
The drug is currently approved for forms of kidney, liver and thyroid tumours, but Exelixis is looking to secure an approval for patients with metastatic castration-resistant prostate cancer (mCRPC), where discussions with the FDA on a regulatory path are ongoing. The combo of Cabometyx plus Roche's Tecentriq (atezolizumab) significantly extended PFS in mCRPC patients in the Phase III CONTACT-02 trial. A regulatory filing is also expected this year for Cabometyx in advanced neuroendocrine tumours based on positive results from the Phase III CABINET study.
The company is hoping to advance some earlier compounds as well such as zanzalintinib, XB002 and XL309, and moving three preclinical programmes into clinical development.
Meanwhile, Exelixis' restructuring also came with a round of pink slips, with layoffs coming for approximately 175 employees, or about 13% of its workforce. Exelixis said it expects to substantially complete the restructuring in the first quarter of 2024.
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