With blockbuster dreams, Exelixis is looking for some redemption for cabo in prostate cancer. It won’t be easy
Back a little over 5 years ago, I reported on a major disaster for Exelixis $EXEL when cabozantinib flopped in a comparison with prednisone in treating castration-resistant prostate cancer. Caught between a rock and a hard place, the company immediately whacked 70% of its work force, as new CEO Michael Morrissey steered away from the rocks with what was left of the crew.
Morrissey and the survivors took a conservative course, hanging on to get an OK for the TKI, which ultimately proved a fairly effective market maker as Cabometyx, with more than $1 billion in total revenue over a 4-quarter stretch. And at JP Morgan a few weeks ago Morrissey threw his customary caution to the wind, painting a rosy picture of the future, with a potential to make the company into a $4 billion earner by 2025, with 3 upcoming pivotal readouts.
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