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Biopharmaceutical company Exelixis repays term loan ahead of time

Exelixis Inc. repaid its outstanding term loan with the Silicon Valley Bank.

The loan, initiated in 2010, was due for repayment May 31.

The repayment included $80 million in principal and about $60,000 in outstanding interest. The biopharmaceutical company also plans to extinguish more debt later this year by retiring a series of convertible secured notes.

The notes, issued to entities associated with Deerfield Management Company LP, are due July 1, 2018.