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Exelixis, Inc.

Drug Names(s): Rebeccamycin Analogue

Description: XL784 is an inhibitor of the metalloprotease enzymes ADAM10 (which plays a role in blood vessel formation and cell proliferation) and MMP2 (which digest protein components of the extracellular matrix). These are thought to play a role in renal fibrosis and impairment. The target was originally discovered in Exelixis’ anti-angiogenesis research program, and shows both anti-angiogenic and anti-proliferative effects. XL784 was optimized to be matrix metalloprotease-1 (MMP-1) sparing to potentially enhance its safety profile.

Deal Structure: GlaxoSmithKline and Exelixis have a partnership focused on the collaboration in 12 programs (XL784, XL647, XL999, XL880, XL184, XL820, XL844, XL281, XL418, XL228 and two earlier stage oncology programs). GlaxoSmithKline has the right to select from these programs up to two compounds at proof-of-concept (completion of Phase IIa clinical trial) or three compounds if GlaxoSmithKline extends the collaboration.

In June 2005, Exelixis entered into a transaction with Symphony Capital Partners to provide up to $80 million of funding for the further clinical development of XL647, XL999 and XL784. Under the terms of the agreement, Symphony Capital, a private equity fund focused on biopharmaceutical development, has formed Symphony Evolution, Inc., which will be initially capitalized with $40 million and holds an option to call an additional $20 million to $40 million within one year of closing. Symphony Capital investors, through Symphony Evolution, will provide funding to Exelixis, which,...See full deal structure in Biomedtracker

Partners: GlaxoSmithKline plc Symphony Capital LLC

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