Exelixis tanks on major stock and debt sales

Exelixis ($EXEL), the cancer drug developer, appears to have paid the price for its plans to raise funds from a sale of 20 million shares and $225 million in debt. The South San Francisco-based company's stock price dropped 12% on Monday and was down nearly 4% on Tuesday at 11:54 a.m. ET to $4.67 per share. The company is restocking its coffers ahead of the FDA's expected decision in November on whether to OK its lead drug cabozantinib for medullary thyroid cancer, which would give the company its first approval. Article

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