EXEL - Exelixis responds to Farallon Capital letter

2023-04-05 19:46:05 ET

• Exelixis ( NASDAQ: EXEL ) said it is focused on maximizing the potential of its cabozantinib franchise and advancing its pipeline in a direct rebuke to a letter made from Farallon Capital Wednesday morning.
• The biotech's management said that the company has a healthy balance sheet and at the end of 2022, had $2.1B in cash and investments. In addition, it recently announced a $550M share buyback program .
• The company also said that since Farallon first invested in 2018, it has had more than 50 meetings with members of that firm.
• Farallon, which has a 7.2% stake in the biotech, has said it will nominate three of its backed directors to serve on Exelixis' ( EXEL ) board.
• "We believe the Company must focus its R&D efforts and spending, communicate a differentiated and coherent strategy, commit to ongoing distributions of excess capital to shareholders and augment the Board with new perspectives" Farallon wrote in its letter earlier Wednesday .

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