Shares of Exelixis, Inc. (NASDAQ:EXEL) ended Monday session in green amid volatile trading. The shares closed up +0.09 points or 0.66% at $13.64 with 230.33 million shares getting traded. Post opening the session at $13.62, the shares hit an intraday low of $12.51 and an intraday high of $13.95 and the price vacillated in this range throughout the day. The company has a market cap of $3.19 billion and the numbers of outstanding shares have been calculated to be 230.33 million shares.
Exelixis, Inc. (EXEL) on September 14, 2016 announced that the European Commission (EC) has approved CABOMETYX™ (cabozantinib) tablets for the treatment of advanced renal cell carcinoma (RCC) in adults following prior vascular endothelial growth factor (VEGF)-targeted therapy. CABOMETYX was granted accelerated assessment by the European Medicines Agency, and is the first therapy to demonstrate in a phase 3 trial for patients with advanced RCC, robust and clinically meaningful improvements in all three key efficacy parameters — overall survival (OS), progression-free survival (PFS) and objective response rate (ORR). This approval allows for the marketing of CABOMETYX in all 28 member states of the European Union, Norway and Iceland.
EC approval of CABOMETYX triggers a $60 million milestone payment to Exelixis under the licensing agreement with Ipsen for the commercialization and further development of CABOMETYX indications outside of the United States, Canada and Japan. The approval is based on the results of the large, randomized phase 3 METEOR trial.
“The marketing authorization of CABOMETYX by the European Commission to treat patients with advanced renal cell carcinoma reflects the strong efficacy results observed with cabozantinib in the phase 3 METEOR trial, and is an important milestone in our collaboration with Ipsen,” said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. “This marketing authorization helps address an unmet medical need in Europe by providing patients with a new therapy that slows disease progression and prolongs overall survival. We look forward to further examining the use of CABOMETYX in earlier lines of therapy and in other difficult-to-treat cancers.”
Shares of Johnson & Johnson (NYSE:JNJ) ended Monday session in red amid volatile trading. The shares closed down -0.59 points or -0.50% at $117.66 with 2.74 billion shares getting traded. Post opening the session at $118.36, the shares hit an intraday low of $117.64 and an intraday high of $118.66 and the price vacillated in this range throughout the day. The company has a market cap of $320.87 billion and the numbers of outstanding shares have been calculated to be 2.74 billion shares.
Johnson & Johnson (JNJ) on Sept. 16, 2016 announced a definitive agreement to acquire Abbott Medical Optics (AMO), a wholly-owned subsidiary of Abbott Laboratories, for $4.325 billion in cash. AMO reported sales of $1.1 billion for 2015. The acquisition will include ophthalmic products in three business segments: cataract surgery, laser refractive surgery and consumer eye health.
“Eye health is one of the largest, fastest growing and most underserved segments in health care,” said Ashley McEvoy, Company Group Chairman, responsible for Johnson & Johnson’s Vision Care Companies. “With the acquisition of Abbott Medical Optics’ strong and differentiated surgical ophthalmic portfolio, coupled with our world-leading ACUVUE® contact lens business, we will become a more broad-based leader in vision care. Importantly, with this acquisition we will enter cataract surgery – one of the most commonly performed surgeries and the number one cause of preventable blindness.”