Exelixis gets $150M credit line

Exelixis has struck a $150 million financing deal with Deerfield Management. At Exelixis discretion, the developer can draw down the money as needed over the next 18 months in $15 million installments.

"This transaction significantly increases our financial strength and flexibility over the next 18 months, even if we don't draw on the facility," said George A. Scangos, president and chief executive of Exelixis. "The Deerfield facility gives us the time to see our way through this period of major pipeline and business milestones and puts us in a position of strength as we advance our various partnering discussions."

- here's the release on the financing
- read the AP report