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# Farallon Funds Hold 6% Of Exelixis Without A Bid To Change Control
- URL: https://www.bullished.co/farallon-funds-hold-6-of-exelixis-without-a-bid-to-change-control-cd745d8a/
- Published: 2026-11-10T00:41:10.000Z
- Updated: 2026-11-10T00:41:10.000Z
- Description: The investment partnerships hold 14,694,910 shares in the cancer-drug developer, and Farallon reports shared voting power.
- Author: Matteo Parrino
- Tags: SEC Filings, EXEL, Industry: Healthcare

Funds managed by Farallon Capital Management hold a [6% stake](https://www.sec.gov/Archives/edgar/data/0000909661/000090883426000516/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) in [Exelixis](https://www.bullished.co/tag/exel/), which develops cancer medicines, according to a passive ownership disclosure filed Monday with the SEC. Farallon certified that the investment was made through ordinary business activity and is not held to change or influence the company's control.

## The Funds Own The Shares

The investment partnerships directly own 14,694,910 shares. Farallon reports [shared voting power](https://www.sec.gov/Archives/edgar/data/0000909661/000090883426000516/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) over that position, rather than sole voting power; the reported percentage applies to Exelixis' common-stock class.

The direct holders include Farallon Capital Partners; Farallon Capital Institutional Partners and its II and III partnerships; Farallon Capital Offshore Investors II; Farallon Capital (AM) Investors; Farallon Capital F5 Master I; and Farallon Healthcare Partners Master.

Those funds are entitled to dividends on the shares and to proceeds when the securities are sold. The manager and its managing or senior managing members report beneficial ownership of the same position—not separate holdings to be added together.

## Cabozantinib Drives Exelixis' Business

Exelixis' main revenue source is cabozantinib, marketed as CABOMETYX tablets and COMETRIQ capsules. The drugs treat cancers including advanced kidney, liver, thyroid and neuroendocrine tumors. Their net product revenue in 2025 was about $2.1 billion.

Exelixis sells the products itself in the US. Ipsen handles markets outside the US and Japan, while Takeda handles Japan; both pay royalties to Exelixis. Cabozantinib is approved in 68 other countries.

The company's other marketed products are COTELLIC, sold with Genentech for advanced melanoma, and MINNEBRO, licensed to Daiichi Sankyo for hypertension in Japan. Exelixis had a market value of $17.0 billion as of Monday at 7:37 p.m. ET.

Farallon's reported stake gives it shared voting power over the funds' shares, while its certification places the holding outside an effort to change Exelixis' control.

Learn

- [What a Reverse Termination Fee Means: Who Pays When a Merger Collapses →](https://www.bullished.co/learn/reverse-termination-fee-meaning/)  
A reverse termination fee is paid by the buyer to the target if a merger fails on agreed terms. See how it differs from a break-up fee, with live deal examples.
- [How To Read A Merger Proxy: A Checklist For Shareholders Facing A Vote →](https://www.bullished.co/learn/merger-proxy-statement-how-to-read/)  
Facing a merger vote? Read the proxy in this order: price and payment, vote date and threshold, board background, synergy claims, then closing conditions.

### Sources

- [SCHEDULE 13G — Farallon Capital Management, L.L.C. re: EXELIXIS, INC. (EXEL)](https://www.sec.gov/Archives/edgar/data/0000909661/000090883426000516/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) — SEC EDGAR
- [SCHEDULE 13G Exhibit 99 — EXHIBIT 1\. JOINT ACQUISITION STATEMENT](https://www.sec.gov/Archives/edgar/data/909661/000090883426000516/jasfcm.htm?ref=bullished.co) — SEC EDGAR
- [Exelixis Inc. (NASDAQ:EXEL) : Articles :: Law360](https://www.law360.com/companies/exelixis-inc/articles?ref=bullished.co) — law360.com

### More on Exelixis

- [Farallon Reverses Its Exelixis Buying Run And Takes Its Stake Below 5%](https://www.bullished.co/farallon-reverses-its-exelixis-buying-run-and-takes-its-stake-below-5-3e81f329/)
- [Exelixis Stock Soars 9%, Adding $1.4 Billion, After Cabozantinib Sales Lift Quarterly Revenue](https://www.bullished.co/exelixis-stock-soars-9-adding-1-4-billion-after-cabozantinib-sales-lift-quarterly-revenue-cb4a08d0/)
- [Exelixis Says FDA Action Date For Zanzalintinib Is March 3, 2027, With Kidney Data Due In First Quarter](https://www.bullished.co/exelixis-says-fda-action-date-for-zanzalintinib-is-march-3-2027-with-kidney-data-due-in-7f284c64/)

[All Exelixis (EXEL) coverage →](https://www.bullished.co/tag/exel/)