Hedge fund slams Ex­elix­is for R&D man­age­ment, launch­es proxy fight for board seats (up­dat­ed)

A hedge fund is look­ing to re­fresh Ex­elix­is, propos­ing three board di­rec­tor nom­i­nees and launch­ing a proxy bat­tle that’s scru­ti­niz­ing the biotech’s R&D blue­print.

San Fran­cis­co-based Far­al­lon Cap­i­tal Man­age­ment, which owns about 7.2% of Ex­elix­is’ out­stand­ing shares, said “change is ur­gent­ly need­ed” at the biotech’s board­room in a Wednes­day morn­ing let­ter. An in­vestor since 2018, the hedge fund said Ex­elix­is “has been a dis­ap­point­ment for share­hold­ers.”

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