Farallon Reverses Its Exelixis Buying Run And Takes Its Stake Below 5%
The reporting group still holds more than 12 million shares in the cancer-drug company after October and November sales.
Farallon Capital Management's reporting group cut its stake in Exelixis, which develops cancer medicines, to 4.9% ownership on Friday, taking it below 5% after a reversal from buying to selling. An amended SEC ownership disclosure filed Monday puts the group's remaining position at 12,017,906 shares.
Buying Gives Way To Sales
Farallon funds sold 183,000 shares at $69.29 each on Friday. The October 30 sale was larger: 568,000 shares at $69.84 each.
The funds' purchases began on September 16 with 175,000 shares at $57.07 each. The final purchase listed was 60,200 shares at $58.20 on October 1; selling began October 14 with 61,204 shares at $60.96.
Sales continued through the rest of October and into November. They included 255,661 shares at $72.60 on November 3 and 201,542 shares at $72.59 on November 4. All the transactions were on the open market, and the reported prices exclude commissions.
The group's remaining stake carries shared voting power over 12,017,906 shares. Its ownership percentage uses Exelixis's reported 244,010,895 shares outstanding as of October 19.
Cabozantinib Anchors Exelixis's Business
Cabozantinib supplies most of Exelixis's revenue. Sold as CABOMETYX tablets and COMETRIQ capsules, it treats cancers including advanced kidney, liver, thyroid and neuroendocrine tumors. Those products generated $2.1 billion in net product revenue in 2025, according to the company's annual report.
Exelixis sells the medicines itself in the United States. Ipsen handles markets outside the United States and Japan, while Takeda handles Japan; both pay Exelixis royalties. Cabozantinib is approved in 68 other countries.
The company's other marketed products include COTELLIC, sold with Genentech for advanced melanoma, and MINNEBRO, licensed to Daiichi Sankyo for hypertension in Japan.
Exelixis is scheduled to present Tuesday at the Guggenheim 3rd Annual Healthcare Innovation Conference in Boston and Wednesday at the Stifel 2026 Healthcare Conference in New York City. Both presentations will be webcast on exelixis.com.
Sources
- SCHEDULE 13D/A — Farallon Capital Management, L.L.C. re: EXELIXIS, INC. (EXEL) — SEC EDGAR
- SCHEDULE 13D/A Exhibit 99.1 — EXHIBIT 1.D - SIXTY-DAY TRADING HISTORY — SEC EDGAR
- Exelixis to Webcast Fireside Chats as Part of Upcoming Investor Conferences in November — businesswire.com
