June 20, 2011 - IMM@BUCT

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COVER STORYShare price, $1412UPS AND DOWNS Exelixis has seen goodand bad days based on investor confidence inits prostate cancer candidate cabozantinib.5/18/11 ASCO holds premeeting press conference featuringcabozantinib data.1083/8/10 Exelixis announces restructuring, 40% of staff laid off.11/18/10 Exelixis reports positiveprostate cancer data for cabozantinib.6426/21/10 BMS withdrawsfrom deal for cabozantinib.6/30/10 Exelixis CEO George Scangos leaves for Biogen Idec.6/6/11 Bayer unveils positive data on competing prostatecancer drug, Exelixis provides new cabozantinib trial results.0Jan. 4, 2010 Jan. 3, 2011June 10, 2011NOTE: ASCO = American Society of Clinical Oncology. BMS = Bristol-Myers Squibb.SOURCE: Yahoo! FinanceEach situation is different, but “ingeneral, there can be a taint,” Needham’sCarr agrees, adding that the later-stagethe drug candidate is, the more ominous adeal breakup can appear. Carr, who coversTargacept, notes that many investors stillworry about the value of TC-5619.“Obviously investors want to know why[a partner] gave it back, and they are inherentlyskeptical,” Targacept’s deBethizyconcedes. “They’ll triangulate on this.” Atthe same time, he says, investors appreciatethe potential upside to having the fullrights to an asset.Moreover, not every company can producethe kind of data that helped Exelixisrebound so quickly. Biotech executivesacknowledge that the pressure is on to executetheir next clinical trial flawlessly and,ultimately, offer data that will entice a newpartner or investor. “Eventually the compoundwill need to speak for itself,” Rigel’sRodriguez says.Even good data aren’t always enough.Although Exelixis walked into this year’sASCO meeting with confidence in itslatest trial results for cabozantinib, thecompany’s stock took a drubbing on newsthat a competing prostate cancer drugbeing developed by Bayer might be betterat prolonging patient survival and onworries over a potential safety concern inone cabozantinib study. By the end of theconference, the company’s stock price hadfallen by 20%, although most analysts feltthe response was overblown.Still, Exelixis has more leverage whennegotiating with potential partners than itdid a year ago. The company plans to starta Phase III trial for cabozantinib later thisyear. In the meantime it is considering a dealthat will give it rights to the compound inthe U.S. and Europe, where it had previouslyshared rights with BMS, but that will allow itto partner in Asia, where it lacks a presence.“It’s a hard road,” Exelixis’ Morrissey says.“It’s all in the data. If we had had ‘me-too’data, no one would have ever cared.” ■WWW.CEN-ONLINE.ORG 20 JUNE 20, 2011
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June 20, 2011 - IMM@BUCT

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