Pharma BD Deal Intelligence
Ipsen's $200M upfront license for cabozantinib rights outside the US, Canada, and Japan gave the mid-sized French company a multi-billion-dollar oncology franchise. Cabometyx became Ipsen's largest product across renal cell carcinoma and hepatocellular carcinoma in 50+ markets.
Ipsen obtained exclusive licensing rights to commercialize and develop cabozantinib outside the United States, Canada, and Japan. The deal included a $200 million upfront payment plus up to $545 million in commercial milestones and tiered royalties up to 26%.
64K US cases/yr · $5.8B Global RCC Market (2017) · 76% 5-Year RCC Survival (all stages)
RCC is the most common kidney cancer. Cabozantinib inhibits MET, VEGFR2, AXL, and RET. The METEOR trial established it as a second-line RCC standard.
Ipsen successfully commercialized cabo ex-US. Cabo + nivolumab became frontline RCC standard. Exelixis grew US Cabometyx to $2.1B (2023).
41K US cases/yr · $2.1B Global HCC Market (2017) · ~20% 5-Year HCC Survival Rate
HCC is the most common primary liver cancer with rising incidence. Cabozantinib was approved post-sorafenib based on the CELESTIAL trial.
The HCC landscape was transformed by atezo + bev (IMbrave150) in 2020 as first-line. Cabozantinib remains important in later lines.
Ipsen paid $200M upfront for exclusive ex-US/Canada/Japan rights to cabozantinib.
Global cabozantinib franchise hit $2.9B in 2025. Ipsen paid $150M milestone. Approved in NET expansion.
Cabozantinib approved in RCC, HCC, MTC, NET. $2.9B global franchise. One of most successful licensing deals.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Ipsen S.A. / Exelixis Inc. (this deal) | 2016 | $855M | 80 |
| Ipsen S.A. / Kartos Therapeutics, Inc. | 2026 | $1.8B | 68 |
| Ipsen S.A. / Memo Therapeutics AG | 2026 | $797M | 66 |
| Ipsen S.A. / Clementia Pharmaceuticals Inc. | 2019 | $1.3B | — |
| Ipsen S.A. / Marengo Therapeutics, Inc. | 2024 | $1.2B | — |
| Ipsen S.A. / GENFIT | 2021 | $543M | — |
| Ipsen S.A. / Simcere Zaiming Pharmaceutical Co., Ltd. | 2025 | $1.1B | — |
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