09:22 AM EDT, 05/20/2024 (MT Newswires) -- Exelixis ( EXEL ) said Monday it has entered a settlement and license agreement with Cipla and Cipla USA, resolving two patent litigations over cancer drug Cabometyx.

As part of the settlement, Exelixis ( EXEL ) will provide Cipla with a license to market generic versions of Cabometyx in the US from Jan. 1, 2031, subject to approval by the US Food and Drug Administration.

The settlement is subject to review by the Federal Trade Commission and the Department of Justice, Exelixis ( EXEL ) said.

Shares of the company were up 0.4% in Monday premarket activity.

Price: 21.00, Change: +0.09, Percent Change: +0.43