Bristol-Myers Squibb has exercised its option to develop and commercialize Exelixis Inc.’s IND candidate XL413, a selective inhibitor of Cdc7 targeting cancer cells. Under the terms of the collaboration agreement, BMS’ selection of XL413 entitles Exelixis to a milestone payment of $20 million. In addition, Exelixis has exercised its option to co-develop and co-commercialize the drug in the U.S. Following the transfer of the development program BMS will lead all global activities. The...