Benzinga | Feb 26, 2021 12:55PM EST

European Medicines Agency's CHMP Backs Approval Of Cabometyx/Opdivo Combo In Kidney Cancer

* European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion recommending approval of Exelixis Inc's (NASDAQ: EXEL) Cabometyx (cabozantinib) in combination with Bristol-Myers Squibb Co's (NYSE: BMY) Opdivo (nivolumab) for advanced renal cell carcinoma.

* Exelixis' partner Ipsen Pharma has exclusive rights to commercialize and develop Cabometyx outside of the U.S. and Japan.

* The positive opinion follows FDA approval for Cabometyx plus Opdivo as a first-line treatment of advanced renal cell carcinoma.

* Price Action: EXEL shares are 0.05% higher at $21.97, while BMY shares are down 0.2% at $61.9 on the last check Friday.