Maintaining Fair Value Despite Lower Selling Costs Related to Exelixis’ Cotellic Partnership
Following the news of Exelixis’ revised 2016 promotional costs related to its U.S. Cotellic partnership with Roche, we are lowering our near-term selling, general, and administrative estimates. The update does not change our $12 per share fair value estimate. Exelixis is responsible for 25% of Cotellic’s salesforce in the U.S. in exchange for tiered royalties on net U.S. sales. Last summer, Exelixis initiated an arbitration against Roche for unfair cost and revenue sharing practices. After Roche...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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