France's Ipsen SA said the European Commission approved its drug Cabometyx as a first-line therapy for a type of kidney cancer.
Cabometyx was approved for treating adults with intermediate or poor-risk advanced renal cell carcinoma in all 28 member states of the European Union as well as Norway and Iceland.
In 2016, Ipsen entered a deal with Exelixis for the exclusive rights for the commercialization and development of Cabometyx outside the U.S. and Japan.
The European Commission approval triggered a $50 million payment from Ipsen to Exelixis — $46 million of which was recognized as collaboration revenue in the first quarter.
The U.S. Food and Drug Administration previously expanded its approval of Cabometyx to include treating advanced renal cell carcinoma. The FDA also accepted an application to expand the drug's indication for a type of liver cancer.