BMS writes off Exelixis’ lead cancer drug

Bristol-Myers Squibb and Exelixis are breaking up their partnership on the late-stage cancer drug XL184. BMS is handing over all its rights to the drug along with $17 million in the breakup, which comes on top of $240 million BMS has already paid for XL184 and a second cancer program. Exelixis CEO George Scangos told Reuters that the two companies couldn't come to an agreement on an appropriate clinical program for XL184, the developer's lead drug. The decision "really does reflect a need...