Exelixis, Inc. has entered into an agreement with Genentech, Inc. for the worldwide co-development of XL518, a small-molecule inhibitor of MEK, which is a key component associated with tumors. Inappropriate activation of MEK/ERK can promote cell growth in the absence of exogenous growth factors. Exelixis submitted an IND for XL518 in December 2006. Under the terms of the agreement, Exelixis will receive upfront and milestone payments totaling $40 million. Exelixis is responsible for develop...