Tuesday, April 12, 2011

Exelixis Rallies On Takeover Chatter

Shares of Exelixis Inc. (NASDAQ: EXEL) surged more than 10% after Bloomberg reported that the cancer drug developer has hired Goldman Sachs to evaluate possible takeover bids after its experimental drug helped prostate-cancer patients in a study. Some large pharmaceutical companies have shown interest. Shares of South San Francisco, California-based Exelixis have more than doubled since publishing the data, which showed the drug helped men with prostate cancer whose tumors had reached the bone. The company said in December it would cut 260 jobs, about 65 percent of its workforce, and focus exclusively on advancing XL184, also known as cabozantinib. Stay tuned for more. 

Full Disclosure: None. 
Related Posts with Thumbnails

Wikinvest Wire