Exelixis gets $150M funding commitment

California, USA-based Exelixis has entered into an agreement with Deerfield Management, a leading health care investment organization and significant stockholder in the biotechnology firm, to provide it with up to $150.0 million in financing through a flexible credit facility.

Exelixis wil pay Deerfield a qarterly commitment fee at a rate of 2.25% a year, and amounts drawn will accrue interst until maturity at 6.75% per annum,

The funds can be drawn at any time over the next 18 months at Exelixis' discretion. It is under no obligation to draw on the facility and can terminate without penalty at any time. Funds drawn will be repayable five years after signing of the facility agreement and can be repaid in shares of Exelixis common stock, subject to certain restrictions, or cash at any time during the term of the agreement.