Business
Exelixis Files Definitive Proxy Statement and Mails Letter to Shareholders
Urges Shareholders to Vote "FOR" All of Exelixis’ 11 Recommended Director Nominees on the GOLD Proxy Card ALAMEDA, Calif.--(BUSINESS WIRE)-- Exelixis, Inc.
About this update from Exelixis, Inc.
[{"type":"text","content":"\nUrges Shareholders to Vote \"FOR\" All of Exelixis’ 11 Recommended Director Nominees on the GOLD Proxy Card\n\n\n ALAMEDA, Calif.--(BUSINESS WIRE)--\nExelixis, Inc. (Nasdaq: EXEL) (the “Company”) today announced that it has filed its definitive proxy materials with the Securities and Exchange Commission (“SEC”) in connection with its 2023 Annual Meeting of Stockholders (the “Annual Meeting”), which will be held on May 31, 2023. Shareholders of record as of April 3, 2023, will be entitled to vote at the meeting.\n\n\nIn conjunction with the definitive proxy filing, Exelixis is mailing a letter to the Company’s shareholders that highlights, among other things, that Exelixis is:\n\n\n\nExecuting a clear strategy to drive improved outcomes for patients, leading to long-term value creation: Exelixis today is a commercially successful oncology company, with its flagship medicine CABOMETYX® (cabozantinib) now a leading therapy for three different forms of cancer and generating nearly $2 billion global net product revenue in the last year alone. The Company’s share price has increased over 300% since 2016 when CABOMETYX® received its first U.S. approval.\n\n\n\n\nUnderpinned by a disciplined approach to capital allocation: Exelixis’ capital plan strategically balances R&D spend with returning capital to shareholders. The Company’s capital efficient and highly-focused R&D strategy significantly offsets the inherent risk of oncology drug development. As a result of decades of experience in drug discovery and development, cost-sharing partnerships and selective, strategic investments, Exelixis has spent significantly less in R&D expense in the last five years as compared to other commercial-scale, oncology-focused biotech companies, which have had to resort to raising dilutive funds. The Company’s recently announced $550 million share repurchase program, which is expected to be completed this year, is an exceedingly rare action for a biotech company of Exelixis’ size and stage and a testament to its commitment to delivering meaningful shareholder returns.\n\n\n\n\nOverseen by a highly qualified Board of Directors committed to refreshment: The Exelixis Board includes some of the industry’s best scientific, financial and commercial minds, who have a deep understanding of the biopharmaceutical industry. At the Annual Meeting, two of Exelixi...