EXEL - Large Exelixis shareholder Farallon calls biotech undervalued needs board refresh

2023-03-20 17:33:07 ET

• Farallon Capital Management, which has a 7.2% stake in Exelixis ( NASDAQ: EXEL ), said the biotech is undervalued and "needs to refresh the Board."
• In an SEC filing, Farallon said it has told company management its concerns about its poor stock performance, the need to explain its R&D efforts, returning more capital to shareholders, and improve investor communications.
• The hedge fund called the stock an "attractive investment opportunity" adding they have invested "based on their belief in the long-term value of the Company."
• Earlier Monday, Exelixis ( EXEL ) approved a $550M share repurchase .

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