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Farallon launches Exelixis proxy fight

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TOP STORY: Hedge fund Farallon Capital Management is planning to launch a proxy fight at biotech Exelixis Inc with the nomination of three directors to the board of the cancer drug maker, according to a report by The Wall Street Journal.

Hedge fund Farallon Capital Management is planning to launch a proxy fight at biotech Exelixis Inc with the nomination of three directors to the board of the cancer drug maker, according to a report by The Wall Street Journal (WSJ).

Unnamed WSJ sources have said that Farallon’s decision was prompted by concerns over Exelixis’ “undisciplined research and development spending” and a fall in the company’s share price which has impacted investor returns.

The sources also said that discussions between the fund, which has been an investor in Exelixis since 2018, and the company over its spending plans have recently broken down.

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