Feeding the Machine: Exelixis Buys X-Ceptor

Exelixis' needs to address its increasing burn rate--expected to hit 90 million this year. With a stock mired around $8, any significant equity financing would be dilutive. Partnering was the obvious answer--except that Exelixis didn't have much to partner. By acquiring X-Ceptor Therapeutics it gets a set of much-needed near-term partnering opportunities, and it did so without significantly increasing its projected burn.