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Activist Investor Demands Exelixis Cut R&D Spending And Learn From Peers

CEO Pushes Back On R&D Spending Cut Calls

 
• By Andrew McConaghie

The mid-sized company is under siege from hedge fund Farallon and faces a fight over its R&D strategy to follow aging blockbuster Cabometyx.

Stock Index close up
The activist investors insist that greater focus on R&D spending and shareholder return will be good for business

Exelixis is facing renewed demands for change from activist investor Farallon Capital Management, which wants the mid-sized pharma company to slash its R&D spending and learn from peers on how to focus its pipeline.

The hedge fund holds 7.2% of the outstanding shares of Exelixis, making it the largest active shareholder, and has been waging a proxy war since early April

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