Farallon to launch proxy fight at biotech Exelixis: WSJ
Hedge fund Farallon Capital Management plans to launch a proxy fight at cancer-drug maker Exelixis Inc. (EXEL), and has nominated three directors to that company's board, the Wall Street Journal reported on Tuesday. The move by Farallon -- which owns more than 7% of the biotech, according to FactSet -- was made after the fund expressed concerns over what it said was Exelixis' undisciplined research and development spending and insufficient shareholder returns following a years-long drop in the company's share price, according to the Journal. Talks between the fund and the company over that spending recently broke down, the Journal said, citing people familiar with the matter. Farallon had between Feb. 24 and March 26 to nominate directors, according to the Journal, which said Farallon had been an investor in Exelixis since 2018. Shares of Exelixis were up 1.7% after hours on Tuesday.
-Bill Peters
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
04-04-23 1829ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom