Benzinga | Aug 26, 2021 07:52AM EDT

Exelixis - Takeda's Cabometyx Scores Approval In Japan For Kidney Cancer

* Exelixis Inc's (NASDAQ:EXEL) collaborating partner Takeda Pharmaceutical Co Ltd (NYSE:TAK) and Ono Pharmaceutical Co Ltd have received approval for Cabometyx (cabozantinib) in Japan.

* The approval covers Cabometyx combined with Bristol-Myers Squibb Co's (NYSE:BMY) Opdivi (nivolumab) for unresectable or metastatic renal cell carcinoma (RCC).

* The approval is based on the CheckMate 9ER Phase 3 trial.

* The Cabometyx combination demonstrated superior overall survival and doubled median progression-free survival and objective response rate versus sunitinib, with a favorable safety profile.

* Per the terms of Exelixis and Takeda's collaboration and license agreement, Exelixis will receive a milestone payment of $20 million from Takeda.

* Related content: Benzinga's Full FDA Calendar.

* Price Action: TAK stock is down 0.30% at $16.77 during the premarket session on the last check Thursday, and EXEL stock closed 0.11% lower at $18.91 on Wednesday.