EXEL - Exelixis faces proxy battle with investor Farallon Capital - report
2023-04-04 23:05:56 ET
- Exelixis ( NASDAQ: EXEL ) will face a proxy battle with hedge fund Farallon Capital, who last Monday announced it nominated three individuals for the biotech firm.
- When Farallon announced it would nominate directors last week, it hadn't decided yet if it would go ahead with a proxy battle and was trying to work with the company, according to a WSJ report on Tuesday.
- Farallon had been in discussions with Exelixis ( EXEL ) over the fund's main concern, which is research and development spending, the WSJ said. Those talks recently fell apart.
- Last month Farallon Capital, which has a 7.2% stake in Exelixis ( EXEL ), said the biotech is undervalued and "needs to refresh the board."
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Exelixis faces proxy battle with investor Farallon Capital - report