Exelixis Inc - EXEL STOCK NEWS

Exelixis, Inc. (NASDAQ: EXEL) will release its Q1 2023 financial results on May 9, 2023, after market close. A conference call and webcast will follow at 5:00 p.m. ET to discuss the results and provide a business update. Investors can access the call via registration on the company’s website. Exelixis is dedicated to developing innovative treatments for cancer, focusing on expanding its product portfolio and advancing its flagship product, CABOMETYX^®. The company aims to enhance cancer care through its robust pipeline and collaborations.

Exelixis, Inc. (Nasdaq: EXEL) announced that Carl Feldbaum and Vincent Marchesi will not seek re-election to the Board of Directors during the 2023 Annual Meeting of Stockholders. The Board is nominating Tomas Heyman and Robert Oliver as independent directors to fill their positions. This decision follows unsuccessful settlement negotiations with Farallon Capital Management regarding board member nominations and access to company information. Dr. Stelios Papadopoulos expressed gratitude toward Feldbaum and Marchesi for their service. The upcoming board election aims to enhance corporate governance. Following the election, the Board will consist of 11 members, 10 of whom are independent. The Annual Meeting date has yet to be announced.

Exelixis, Inc. (NASDAQ: EXEL) responds to a letter from Farallon Capital Management, emphasizing its commitment to driving growth and enhancing shareholder value through a strategic focus on its cabozantinib franchise and a promising clinical pipeline, including the next-generation inhibitor zanzalintinib and the ADC XB002. The company has a robust financial position, with approximately $2.1 billion in cash and investments, enabling continued investments in R&D and a recently announced $550 million share repurchase program.

Despite ongoing engagement with Farallon, Exelixis declined to meet Farallon’s demands for extensive confidential information about its pipeline. The company aims to present its board nominations in its upcoming proxy statement for the 2023 Annual Meeting.

Farallon Capital Management, owning approximately 7.2% of Exelixis (NASDAQ: EXEL), calls for change in the company's board, citing a history of shareholder disappointment. Despite significant revenue from cabozantinib, shareholder returns have been underwhelming, averaging less than 1% annually since the IPO. Farallon plans to nominate three independent directors to bring fresh perspectives, improve R&D efficiency, and communicate a coherent strategy. The firm criticizes Exelixis for undisciplined R&D spending, forecasting over $1 billion in 2023 while managing too many simultaneous trials. Investors seek accountability and a commitment to returning capital to shareholders.

Exelixis, Inc. (Nasdaq: EXEL) has authorized a share repurchase program of up to $550 million of its common stock by the end of 2023. The buyback strategy will consider various factors including capital needs, market conditions, and stock price. The program provides flexibility, allowing Exelixis to make repurchases through multiple methods without the obligation to acquire a specific number of shares. This initiative reflects the company's confidence in its financial position and aims to enhance shareholder value.

Exelixis (NASDAQ: EXEL) will present a corporate overview at the 2023 Guggenheim Healthy Altitudes Summit on March 16, 2023, at 10:00 a.m. ET. Interested parties can access the presentation via a webcast on www.exelixis.com. Attendees should log on 15 minutes early for software downloads. A replay will be available for 30 days post-event. Exelixis focuses on innovative cancer treatments, primarily through its flagship drug, CABOMETYX® (cabozantinib), and is committed to expanding its oncology portfolio.