Ahead of the Bell: Exelixis shares tumble

September 2, 2014 1:14 PM

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Shares of Exelixis Inc. shed more than half their value Tuesday before markets opened and a day after the drug developer said its potential treatment for an advanced form of prostate cancer fell short when compared with another drug in late-stage research.

The South San Francisco, California, company also said it will cut its workforce by about 70 percent, or 160 employees, because of the study results.

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