I just now pulled this out of the headlines segment of my Scottrade account. This info - published today - 12/23/11 is contradictory to yesterday's SEC filing re: the termination of the PI3Ka & b agreement. A quick Google does not verify this info. I cannot find this info anywhere else on-line. Still looking...
The 12/22/11 8-K specifically states this agreement remains in force, does it not? Has there been a subsequent filing? What gives? Have I entered the Twilight Zone?
Exelixis terminates license agreement with Sanofi-Aventis for XL147 and XL765
5 hours 17 minutes ago - Datamonitor Financial Deals Tracker via Comtex Exelixis, Inc. has terminated its license agreement with Sanofi for XL147 and XL765 to treat cancer. Sanofi-Aventis is a France-based pharmaceutical company, while Exelixis is a US-based developer of new small molecule therapeutics.
Under the termination agreement, Sanofi will make a payment to Exelixis of $15.25 million within 10 business days after the termination effective date. If either party or its affiliate or licensee develops and commercializes a therapeutic product containing an isoform-selective PI3K inhibitor that arose from such party's work (or was derived from such work) under the Collaboration Agreement, then such party will be obligated to pay royalties to the other party based upon the net sales of such products.
Apparently David Miller has already spoken to management for clarification.
BiotechStockResearch BiotechStockRsr BiotechStockResearch $SNY deal not terminated. Restructured. Royalties in place, just now no spend by $EXEL. Deal mod adds $15M to $EXEL cash. 7 hours ago Jason Chew nexparadigm Jason Chew @ @BiotechStockRsr I must have read a different termination agreement 7 hours ago in reply to ↑ BiotechStockResearch @BiotechStockRsr BiotechStockResearch @nexparadigm Or you didn't speak with mgmt about it... 6 hours ago via HootSuite replies ↓ Jason Chew nexparadigm Jason Chew @ @BiotechStockRsr you got me there. why then, is the filing not be more specific? 5 hours ago
From the 8K: "The Company and Sanofi are, and remain, parties to a global license agreement for the development and commercialization of XL147 (SAR245408) and XL765 (SAR245409), PI3K inhibitors that are in clinical development (the "License Agreement"). A summary of the material terms of the license agreement is included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010." That is very clear.
...not terminated. This makes best sense, HB. In the meanwhile...and only to calm my holiday-worn flibberty-jibbitized nerves... I put in a brief request for clarity w/ Kristen Hallum over at Bloomberg. She's proven responsive in the past. If I get a reply that makes further sense, I'll post it. Have a Happy!!