Ex­elix­is makes counter-of­fer in proxy fight with hedge fund, will ac­cept two new board mem­bers

About a week af­ter hedge fund Far­al­lon Cap­i­tal Man­age­ment went pub­lic with plans to launch a proxy fight against Ex­elix­is, the biotech com­pa­ny said it will ac­cept two of the in­vest­ment firm’s three pro­posed board mem­bers.

Ex­elix­is’s board said in a state­ment Thurs­day that it will sup­port Tomas Hey­man, a for­mer J&J ex­ec­u­tive and the cur­rent CEO of In­ter­lak­en Ther­a­peu­tics, and Robert Oliv­er, the for­mer CEO of Ot­su­ka Amer­i­ca Phar­ma­ceu­ti­cal, as re­place­ments for two re­tir­ing board mem­bers.

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