EXEL - Exelixis holder Farallon files definitive materials in proxy battle

2023-05-03 14:22:12 ET

Exelixis ( NASDAQ: EXEL ) holder Farallon Capital Management filed definitive proxy materials in its battle for board seats with the biotech company.

Farallon, which owns ~7.2% stake in Exelixis ( EXEL ), also sent a letter to shareholders on Wednesday explaining why the the company is need of boardroom change, according to a statement.

The filing come as Exelixis ( EXEL ) last month said it  supports two of investor Farallon's board nominees even as the investor  announced it planned to pursue a proxy fight. Exelixis ( EXEL )  said it was recommending Tomas Heyman and Robert Oliver for election as independent directors.

"However, we do not believe this is sufficient," Farallon wrote in the letter Wednesday. "And we believe the board knows this too. As such, we believe shareholders should see this ploy for what it is: a tactical gambit to avoid meaningful change, rather than self-realized refreshment."

Exelixis ( EXEL ) said it reached a near-final agreement to avoid a proxy contest with Farallon, though an agreement was never struck over a disagreement over the investor gaining access to confidential information.

In March Farallon, which has been continuously invested in Exelixis since 2018, said the biotech is undervalued and "needs to refresh the board."

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