EXELIXIS’ (EXEL) advanced PI3K-delta research and development preclinical program attracted Merck, known as MSD outside of the United States and Canada. “PI3K-delta is therapeutic target that academic researchers and the drug industry are racing to develop therapeutic antagonists for both inflammatory diseases and cancer. To get to Exelixis program, Merck agreed to pay $12 million in upfront payment in addition to potential milestone payments for multiple indications of up to $239 million and royalties on net-sales of products that would emerge from the agreement. Merck will also pay Exelixis royalties on any compounds that would emerge from Exelixis’ PI3K-delta program or from certain compounds that arise from Merck’s internal discovery efforts targeting PI3K-delta during a certain period. More...