Exelixis Up After Merck Pact Focuses Attention on Cancer Study
Exelixis shares climbed Wednesday after the company announced a new Merck partnership, putting its next cancer drug program further into late-stage trials. Shares traded 2.5% higher at $49.89 in the afternoon, putting the Alameda, California-based company’s market cap near $13.3 billion. Biotech stocks were strong, with the iShares Nasdaq Biotechnology ETF up 1.8% and the SPDR S&P Biotech ETF up 3.8%.