Exelixis restructuring

Exelixis Inc. (NASDAQ:EXEL) will restructure to focus on its late-stage pipeline. As part of the move, the company said it will reduce headcount by 270 (40%), with the cuts primarily coming from early discovery. Exelixis, which had 676 employees at the end of 2008, said the restructuring will not affect its partnered programs. The company's most advanced program is XL184, a spectrum selective kinase inhibitor (SSKI) targeting VEGF receptor 2 ( KDR/Flk-1), Ret proto-oncogene (RET) and c-Met receptor tyrosine kinase in Phase III testing for medullary thyroid cancer (MTC). An NDA submission for XL184, which is partnered with Bristol-Myers Squibb Co. (NYSE:BMY), is slated for 2H11. ...