Competition Picks Up in Liver Cancer With Lenvima Approval; Decreasing Exelixis FVE to $28
On Aug. 16, the Food and Drug Administration approved Eisai's and Merck's Lenvima (lenvatinib) in first-line hepatocellular carcinoma, displacing Bayer's Nexavar (sorafenib), which has become the standard of care in advanced liver cancer since its approval in 2007. After taking a fresh look at our expectations for Exelixis' cabozantinib in second-line liver cancer, we are lowering our fair value estimate for no-moat Exelixis by about 5% to $28 per share. However, we believe that the 8% correctio...Exelixis is an oncology-focused biotechnology company that involved in the discovery, development and commercialization of new medicines for cancers. The company's marketd products are: CABOMETYX? (cabozantinib) tablets for renal cell carcinoma and previously treated hepatocellular carcinoma; and COMETRIQ? (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer. The company's products resulting from its discovery efforts are: COTELLIC? (cobimetinib), an inhibitor of MEK approved as part of a combination regimen to treat melanoma; and MINNEBRO? (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor approved for the treatment of hypertension in Japan.
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