Ex­elix­is gives more de­tails be­hind Far­al­lon proxy fight

On­col­o­gy biotech Ex­elix­is is de­fend­ing its busi­ness amid a proxy fight with a hedge fund that has crit­i­cized the com­pa­ny’s R&D strat­e­gy and spend­ing.

In a let­ter to share­hold­ers dat­ed May 1, Ex­elix­is said it is try­ing to avoid an “un­nec­es­sary proxy con­test” with Far­al­lon. It urged share­hold­ers to vote for the com­pa­ny’s 11 nom­i­nees for the board — and to specif­i­cal­ly not vote for one can­di­date nom­i­nat­ed by Far­al­lon — at an up­com­ing share­hold­er meet­ing on May 31.

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