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B. G., Opalesque Geneva:

It was reported in early April that US hedge fund Farallon Capital Management was planning to launch a proxy fight at cancer drug maker Exelixis Inc., and had nominated three directors to that company's board. Farallon, which owns more than 7% of the biotech and is its largest active shareholder, had expressed concerns over what it said was Exelixis' undisciplined research and development spending and insufficient shareholder returns.

Farallon's three candidates will face election to the Exelixis Board of Directors at the upcoming Annual Meeting of Shareholders on May 31, 2023: (i) Tomas Heyman, interim CEO at Interlaken Therapeutics and former president of Johnson & Johnson's corporate venture capital group, (ii) David Johnson, managing partner of Caligan Partners, and (iii) Robert Oliver, the former CEO of Otsuka America Pharmaceutical and an executive advisor.

"Farallon is a fundamental value investor that takes great pride in building strong, lasting relationships with boards and management teams. Our preference is to work constructively with our portfolio companies to help drive sustainable value and growth. Only in situations where it is absolutely necessary do we publicly criticise or challenge a Board's stewardship. Thi......................

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