Shares of Exelixis (EXEL) are moving lower after the company last night announced a licensing agreement for the commercialization and further clinical development in Japan of cabozantinib, its oncology medicine, with Takeda Pharmaceutical (TKPYY). Deutsche Bank analyst Andrew Peters said earlier today that while Exelixis' licensing agreement is "clearly encouraging" and highlights the value of cabozantinib, the news could impact "near-term expectations regarding strategic activity, as Japanese rights would be similarly valuable to maintain." Exelixis is down 4%, or 66c, to $17.62 in afternoon trading, a sign that the deal with Takeda could be dampening investor expectations of a buyout in the near-term. The company maintaining the U.S. rights is key, Peters told investors in a research note, adding that the U.S. is core to the valuation and the company's strategic positioning. The analyst has a Buy rating on Exelixis with a $20 price target.