Exelixis off after Bristol-Myers returns XL184

Exelixis Inc. (NASDAQ:EXEL) fell $0.74 (16%) to $3.84 on Monday after Bristol-Myers Squibb Co. (NYSE:BMY) returned all rights to XL184 because the companies were unable to agree on the "scope, breadth and pace" of the cancer compound's ongoing development. Exelixis will receive a $17 million payment to cover Bristol-Myers' share of development costs for the next three months. XL184 is in Phase III testing for medullary thyroid cancer (MTC), with Phase III testing for recurrent glioblastoma expected to start by year end. Exelixis plans to submit an NDA for MTC next year. ...