Bristol-Myers Squibb said the decision to return the drug, called XL-281, was based on its overall research and development priorities and its own pipeline of products, Exelixis (NASDAQ: EXEL) said in a filing with the Securities and Exchange Commission. Yet even though Exelixis said it will not research, develop or commercialize the drug, the giveback will benefit its bottom line as it pushes on with its lead cancer drug, cabozantinib. Exelixis was recognizing upfront license revenue from BMS through April 2014, but now the company said it will accelerate the remaining deferred revenue balance. That means it will recognize an aggregate of about about $109.9 million as well as $10.4 million in revenue in the third and fourth quarters of this year.
